Verdict · Mixed
boAt led Indian wearables with a 28.0% share in 2Q25, yet it posted its first loss in FY23 and has filed IPO papers twice without listing.
Before
Warburg Pincus says Aman Gupta and Sameer Mehta launched boAt in 2016, and Forbes India dates the start to November of that year.43 Business Standard's report on the first IPO filing says the parent was founded in 2013 and the boAt brand launched in 2014.7 Entrackr also gives 2014, and Inc42 gives 2015.810 The safest reading is a brand that came out of a company already in business.
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Sources for the opening
- 3Aman Gupta, Sameer Mehta: Building boAt into one of world's largest wearable brandsForbes India · 2021-12-22 · forbesindia.com
- 4Warburg Pincus to invest ~$100 million in boAt, India's #1 brand in the personal audio categoryWarburg Pincus · Jan 5, 2021 · warburgpincus.com
- 7BoAt-owner Imagine Marketing files papers for Rs 2,000-crore IPOBusiness Standard · 2022-01-27 · business-standard.com
- 8boAt raises $60 Mn from Warburg and Malabar, withdraws IPO plansEntrackr · 2022-10-28 · entrackr.com
- 10boAt's FY24 Revenue Declines 7% To INR 3,118 CrInc42 · 2024-11-07 · inc42.com
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