If you watched the Indian Edition of Shark Tank this past year, you may be familiar with Aman Gupta who served as one of the investors on the show. Aman is the co-founder and chief marketing officer of an earwear audio company called boAt.
boAt serves as one of the country’s most popular earwear companies and has sales that exceed INR 1000 crores.
Aman Gupta’s Early Life
Born in 1982, Aman Gupta attended school in Delhi and graduated from Delhi Public School, R.K. Puram. Following this, he went on to graduate from the University of Delhi with a bachelor’s in commerce degree. He also happened to study at the Institute of Chartered Accountants of India and honed his accounting and financial skills between 1999 and 2000.
Once he finished his academic journey, Gupta went on to work at Citi Bank for two years. It was not until 2005 when his entrepreneurial spirit kicked in and he began Advanced Telemedia Pvt Ltd. Under this company, he helped bring several brands famous across the world to the Indian market. Suddenly companies like Telex, Sennheiser and Beats Audio populated Indian markets.
A good 6 years later, in 2011, Aman Gupta began to work at KPMG’s Strategy Services Group as a senior management consultant. During the same year, he acquired an MBA from the Kellogg School of Management. Following this, he began his tenure as director of sales at HARMAN International. This role saw him lead the business development of a number of companies including but not limited to Micromax, Nokia and Apple. Fast forward 5 more years and he founded boAt with Sameer Mehta.
Understanding the BoAt’s success story
Within two years of boAt being operational, it had earned INR 100 crores in sales.
One of the first products made available by boAt was a charging cable and charger for Apple phones. This Apple charger went on to become Amazon’s most sold product.
As of today, India is home to close to 5000 boAt flagships. Another feather in the hat worth noting is the fact that boAt products have been sold to close to 20 million people thus far.
Aman Gupta is a firm believer in earning rather than burning money.
boAt has been a successful company that has continued to stay profitable. Selling stylish products that are cost-efficient and durable has always been the primary goal.
2020 saw boAt be ranked as the fifth-largest wearable brand across the globe. Cricketers Hardik Pandya and KL Rahul along with actress Jacqueline Fernandez serve as the company’s brand ambassadors among others.
In the span of five short years boAt as a company has reached its Revenue to Rs.2873 Cr.
boAt’s Financials
- The company registered over 2X growth in its scale for two consecutive fiscal years: FY21 and FY22.
- boAt’s revenue from operations shot up 2.2X to Rs 2,873 crore during the fiscal year ending March 2022 as opposed to Rs.1314 Cr in FY21.
- boAt drives most of its revenue from the sale of audio devices such as wired earphones, wireless earphones, headphones, speakers, wired headphones, and soundbars — all of which contributed 79.2% of the total collections. Income from this vertical rose 85.3% to Rs 2,276 crore during FY22 from Rs 1,228.6 crore in FY21.
- The sale of wearables including smart watches formed around 18% of the total revenue which ballooned 9.4X to Rs 515.5 crore in FY22 from Rs 54.8 crore in FY21.
- boAt booked Rs 13.5 crore as finance income in FY22 which comprised of interest on fixed deposits and other non-operating income.
- boAt FY23 Net Sales Zoom to Nearly INR 4K Cr on growth in Wearables, Audio Categories.
To know more about detail financials. Click here- https://trade.altiusinvestech.com/dashboard.
Wrapping Up
In the last quarter of FY22, boAt filed its DRHP with SEBI to launch its initial public offer (IPO) worth Rs 2,000 crore and got approval for the same in May 2022.
With its ‘affordable cool’ image, boAt has had a fantastic journey so far.
Aman Gupta’s story is one of success and skill. His commitment to his company has allowed it to acquire success.
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