boAt Clogs Profit Ahead of IPO with ₹61 Crore Turnaround

September 6, 2025

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Why in the News?

Aman Gupta led boAt, a leading Indian consumer electronics brand, has reported a net profit of ₹61.08 crore in FY 2025. This marks a dramatic turnaround from the ₹79.68 crore loss posted a year earlier. The rebound comes as the company prepares for an initial public offering after recently receiving approval from SEBI to raise around ₹2,000 crore.

About boAt: Growth Story in Indian Wearables

Since its founding in 2015 by Aman Gupta and Sameer Mehta, boAt has swiftly risen to prominence in the Indian audio and wearables market.

By FY 2022, boAt had crossed the milestone of about ₹3,000 crore in annual revenue, becoming one of the largest audio brands in India. In FY 2022–23, the company scaled further to nearly ₹4,000 crore in net sales, driven by rapid expansion into smartwatches alongside its strong audio portfolio.

In FY 2023–24, boAt reported revenues of close to ₹3,377 crore. Although slightly below the earlier peak, the company continued to strengthen its domestic manufacturing partnerships through Dixon Technologies and initiatives under “Make in India.” This helped cut costs and build a more resilient supply chain.

boAt posted a net loss of ₹79.68 crore in the same year.

In FY 2024–25, boAt’s total revenue stood at ₹3,097.8 crore. While audio products grew steadily and contributed over ₹2,500 crore, wearables faced a sharp decline of about 40 per cent. Despite the slowdown in topline growth, the company returned to profitability with ₹61.08 crore in net profit, showing that careful cost control and focus on its core segment allowed it to stabilise ahead of its IPO.

Upcoming IPO

Over the years, boAt’s parent company Imagine Marketing has raised more than 170 million dollars from investors such as Warburg Pincus, Malabar Investments, Qualcomm and Fireside Ventures. After shelving earlier IPO plans in 2022 due to weak market conditions, the company is now gearing up to file its draft red herring prospectus. Market analysts expect the offering to raise close to ₹2,000 crore and value Imagine Marketing at around 1.5 billion dollars.

boAt’s return to profitability highlights the strength of its core business and its ability to adapt to changing consumer trends. While challenges remain in the wearables category, its focus on audio, cost discipline and local manufacturing have provided a stronger base for growth. The upcoming IPO will not only be a milestone for the company but also a significant moment for India’s consumer electronics and startup ecosystem.

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