boAt has Made a Profit of 68.7 Crores in Fiscal Year 2022: Here’s More About it
India’s fastest growing audio & wearables brand, boAt has made a profit of Rs. 68.7 crores in Fiscal Year 2022.
Read more about it below.
The Success Story of boAt
Aman Gupta and Sameer Mehta, the founders of boAt, started the company in 2014 with a vision to bring the most affordable, durable and fashionable audio products for the dopest people in India.
The company identified the market of mid range audio devices and with the marketing strategy of Aman Gupta, the company had made its growth through all these years.
Each year, boAt advertised its products with many Bollywood stars and Cricket celebrities and was thus able to make the youths of India favour their products over other brands.
Currently boAt sells wearable smart watches and audio devices which includes both headsets and speakers.
The Revenue Generated by the Company
boAt has just posted its revenue generated in the FY22 and as per what the company claims, boAt was able to generate a total revenue of Rs. 2,873 Crore . Of the total revenue generated, 79.2% was received only through the sales of audio devices.
The company has thus made a profit of about 68.7 crores in Indian rupees after meeting all the expenses.
In FY21, the company was only able to generate a total revenue of 1,314 crores and in FY22 the company has managed to increase the total revenue generated by 1,559 crores.
Through the sales of audio devices alone, the company generated Rs. 2,276 crores, and through the sales of wearable smartwatches, the company made a revenue of about 515.5 crores. Through other operating revenues, the company also made 81.5 crores as well.
The company has also mentioned that, this year boAt has only spent about 99 crores on Marketing. In the true wireless stereo segment, the company has also acquired 46% of the total market.
With the current market hold that boAt has in both the audio and wearable devices market, the company will surely keep on having its growth and will definitely keep on making devices catering to the needs of its users.
🚨 boAt Posted ₹2873 Crore Revenue & ₹68.7 Crore Profit in FY22
Spent only ₹99 Crore (3.6%) on Marketing unlike other Cash Burning Startups
— Ravisutanjani (@Ravisutanjani) January 19, 2023