Consumer electric brand boAt reported a revenue of Rs 3,122 crore with a 47 percent increase in its losses in FY24

BoAt is an internet-first brand that offers multi-category electronic products including smartwatches, headphones, travel chargers, and Bluetooth speakers. The platform offering consumer electronics announced a 5 percent decrease in its operating revenue to Rs 3,122 crore in FY24. The startup provides several electronic products including power banks and car accessories through its online platform and offline stores. These sales of audio devices and other products are the company’s primary source of revenue.

Entrackr mentioned in its report that the firm also earns income through the sales of wearables and other accessories. The data intelligence platform, tracxn mentioned that the startup had secured over 171 million USD across multiple funding rounds since its inception, including $61.1 million raised during its series C funding round from Warburg Pincus and others at a valuation of $1.32 billion. The data intelligence platform, tracxn also posted the company’s post-money valuation to be around 1.32 billion USD.  The audio business market saw a sudden decline in investor interest.

The Mumbai-based startup provides high-quality electronic products to its customers. The online platform uses cutting-edge technologies to offer quality audio devices with a warranty. This company achieved a positive EBITDA in FY24 with a return on profitability. The company aims to increase the EBITDA margins with multiple initiatives such as legal, promotion cost, warranty cost optimization, and other expenses decreased in FY24. Entrackr reported. Advertising and promotional costs saw a decline in the same duration. The company receives its investment from investors including Innoven Capital, Fireside Ventures, Qualcomm Ventures, and Warburg Pincus.

The company aims to improve its performance capability and offer innovative electronic products in the market. The company controlled its losses by 47 percent to Rs 53.5 Crore this financial year through cost-cutting measures. The wearable segment saw a decline in average selling price due to competition. The EBITDA margin for the audio business increased by 9 percent in FY24. The IDC research mentioned that the Indian wearable market experienced a 10 percent decrease in the June 2024 quarter to 29.5 million units. The company reported a 47 percent decrease in its net loss to Rs 53.5 crore for this financial year. Boat faces competition from other multi-category electronic products providing platforms such as Xiaomi and Meizu. 

Conclusion

The electric products manufacturing brand BoAt announced a 5 percent decrease in its operational revenue to Rs 3,122 crore in FY24. This company offers several electronic products including headphones, smart watches, Bluetooth speakers, travel chargers, and cables. The sale of audio devices and wearables is the firm’s primary source of revenue. The loss also decreased by 47 percent to Rs 53.5 crore in FY24. The promotional and advertisement costs also decreased for this financial year. The startup minimized its loss by 47 percent following the profitability and controlled expenditure. The firm achieved a positive EBITDA in FY24. The company has secured over 171 million USD across multiple funding rounds to date.