Portable music systems do not exist! Therefore, we all desire such mobile devices for use while travelling. This is the concept behind the invention of earbuds and headphones as portable replacements for conventional audio systems. These portable devices provide the same experience as speakers and music systems because they are simple to transport.
While headphones have been there for a while in India, just like elsewhere, there aren’t many Indian producers. One of the top competitors is BoAt, and the company steals the show!
WHO ARE THEY?
Boat, which has its formal name as “Imagine Marketing Services Pvt. Ltd. BoAt sells rigid quality cables, travel chargers, stereo headphones, and earbuds.
BoAt creates and sells a variety of consumer gadgets with an emphasis on music, such as wireless earbuds, wired headphones, wireless speakers, home audio gear, smartwatches, and a selection of cell phone add-ons.
WHEN WERE THEY FOUNDED?
It is an Indian business that was founded in November 2013. The boat is regarded as the top earwear and audio brand in India. Users can simultaneously experience spirit and energy thanks to the company. Since December 2020, the boat has been the fifth-largest wearables brand globally.
WHO IS THE FOUNDER?
Sameer Mehta and Aman Gupta are the founders of the boat.
Boat’s co-founder and CPO is Sameer Mehta. He currently serves as Kores’ Executive Director as well. The founder and proprietor of Redwood Interactive, Sameer Mehta, began his career there. Mehta completed his education at St. Xavier School in Mumbai before attending Narsee Monjee College of Commerce and Economics to earn his bachelor’s degree in commerce.
Aman Gupta is also the boat’s co-founder and CMO. Aman Gupta, born in 1982, is currently 40 years old. After completing his undergraduate studies in commerce at Delhi University, he joined The Institute of Chartered Accountants of India.
WHAT ARE THE PROBLEM THAT THE STARTUPS ARE SOLVING?
Apple users were suffering because their charging cables kept breaking for no apparent reason, and boAt saw an opportunity. They began testing by making Apple charger cords that were resistant to destruction. So, this is how they started their quest to address the client’s issues.
HOW DOES IT WORK?
The company provides various goods, including a sizable selection of speakers, earphones, headphones, and portable chargers. There have been terrific companies on the market that offered multiple things. Still, the issue with them was that they were either costly or had a terrible aesthetic. The boating lifestyle started the change in this area. With its fashionable items, this Indian firm has successfully drawn clients.
STRUGGLES THAT THE STARTUP HAD TO FACE
With an initial investment from the founders of about Rs 3 lac, boAt began as a bootstrapped business and initially struggled to raise money. Aside from this, the company encounters daily difficulties in producing chic products at competitive prices and introducing them to a market already crowded with similarly capable rivals.
HOW DID THEY PROGRESS?
The creators aimed to build a lifestyle company offering millennials chic audio gear and accessories. This notion originated with boAt. According to research from 2020, the company started as a cable manufacturer and supplier before quickly expanding into other markets to serve more than 800,000 clients. The boat began as a bootstrapped firm with an initial investment of about Rs 30 lakhs from the founders.
WHO ARE THE COMPETITORS?
Top Boat rivals include Genoise, Mivi, and Skullcandy.
One of the boat’s main competitors is Genoise Genoise. It was established in 2014 and had its headquarters in Gurgaon, Haryana, India. Genoise is a player in the market for electronic devices.
One of the primary opponents of Boat is Mivi Mivi. It was established in 2015 and had its headquarters in Telangana, Andhra Pradesh, India. Mivi is active in the market for electronic devices.
WHAT WAS THE FUNDING?
The boat has raised $116.3 million in funding for six investment rounds.
REVENUE AND BUSINESS MODEL OF BOAT
To build a solid customer base, the company concentrated on three key market strategies:
• Buyers’ Needs
• Consumers’ Aspirations
• The pattern of Consumer Behavior
The inventors made the products accessible, enduring, and fashionable by putting their findings into practice. Boat strongly emphasizes establishing a relationship with its clients, viewing customers as boating family members. Additionally, they emphasized the brand boAt and portrayed it as an Indian one. Because Indians have a strong affinity for cricket and Bollywood cinema, boAt chose to enlist cricketers and other celebrities as its brand ambassadors.
HOW DID THEY MOVE AHEAD
The most acceptable way to reward oneself is to indulge in quality music, the icing on the cake if you listen to it on a boot device. This lifestyle brand, which offers us reasonably priced, fashionable, and high-quality consumer gadgets, has revolutionized the market in this way. That is the reason Boat is running a successful business. Boat’s employee strength is somewhere between 200-500 employees.
CONCLUSION
The business thinks purchasing new cell phone earbuds is a constant trend. Boat believes that this idea can help them succeed. The big phone manufacturers are reportedly working to establish new relationships with audio businesses.
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