Consumer tech products maker boAt Lifestyle registered gross revenue of over Rs 500 crore in FY2019-20 and aims to double the topline by FY24 on the back of strong demand for products like audio devices and accessories in the country, a top company executive said.
“We had a target of Rs 500 crore revenue in FY21-22, we have already crossed that, we had an outstanding year in FY20. We have grown 2.5X from the previous year…Since inception, our financial performance has been strong and have been EBITDA positive,” Aman Gupta, Co-founder, boAt Lifestyle told PTI.
According to a PTI report: He added that the company has a sustainable approach to growth, is not burning money like many start-ups and “FY23-24 is where we should do Rs 1,000 crore revenue”.
Started in 2016, the company has raised venture debt from Flipkart co-founder Sachin Bansal’s BAC Acquisitions, InnoVen Capital and equity from Fireside Ventures till date.
boAt Lifestyle’s portfolio includes headphones, earphones, speakers, travel chargers and premium cables. Last month, it forayed into wearable segment with the launch of its smart band. The company has created a community of over 2 million ‘boAtheads’ (consumers) and sells between 14,000-15,000 units a day.
The company has witnessed a 20 percent surge in demand for its products amidst the COVID-19 pandemic.
“There was a pent-up demand we saw because of work from home (WFH), workout from home and study from home. We are witnessing a strong uptake month-on-month as we continue to expand our portfolio,” he told PTI.
Gupta noted that while there is strong demand, the replacement cycles have also got extended.