boAt Aims to Raise Funds, Eyes IPO in the Next 12-18 Months
boAt, a popular audio electronics brand, is planning to raise funds through an initial public offering (IPO) within the next 12-18 months. The company aims to raise INR 2,000 Cr through this strategic fundraise, which will help it scale up its business and enhance its category leadership within the audio industry.
Background
boAt has been a significant player in the audio electronics market, with a strong presence in India and globally. The company has expanded its product portfolio to include smartwatches, earwear, and other accessories. In recent years, boAt has seen significant growth, with its revenue increasing by 100% year-on-year in FY22
Fundraise and IPO Plans
The planned fundraise will be used to strengthen boAt’s R&D and design capabilities, enhance its local manufacturing ecosystem, and support its expansion into new markets. The company has already received approval from the Securities and Exchange Board of India (SEBI) for its IPO and has formally withdrawn its draft red herring prospectus (DRHP)
Future Plans
boAt plans to use the funds to ramp up its software play and offline presence, aiming to boost its revenue by 25% this year. The company is also focusing on local procurement and manufacturing to reduce costs and enhance its competitiveness
boAt’s planned fundraise and IPO are significant developments in the startup ecosystem. The company’s growth and expansion plans demonstrate its commitment to becoming a leading player in the audio electronics market. With its strong brand presence and innovative products, boAt is well-positioned to achieve its goals and continue its success in the years to come.
