boAt is one of India's leading brands in audio products and smartwatches. Earlier in December last year, Ranveer Singh invested Bold Care, a sexual health and wellness startup, to become a co-owner.
Ranveer Singh to participate in boAt's marketing campaigns
As part of the development, Singh will not only become a key stakeholder but will also participate in the company's marketing campaigns, particularly for the 'Nirvana series,' boAt's sub-brand known for its premium audio offerings.
So far, the company has onboarded Jemimah Rodrigues, Kiara Advani, Rashmika Mandanna, Hardik Pandya, KL Rahul and Shreyas Iyer as its brand ambassadors.
boAt financial growth
The investment from Ranveer Singh comes nearly three months after boAt reported its highest-ever revenue of Rs 3,376 crore for the fiscal year ending March 31, 2023.
However, the company didn't disclose its loss. In FY22, Imagine Marketing, the parent of boAt, reported a net profit of Rs 68.7 crore.
Industry and market impact
Through this partnership, Aman Gupta's company is expected to leverage Singh's deep understanding of Gen Z and millennial preferences. The India Smart Wearables market, where boAt operates, is anticipated to grow significantly, driven by technological advancements and increasing consumer awareness.
Aman Gupta, Co-founder, and CMO of boAt, said, "Ranveer’s infectious energy and passion for music resonate perfectly with boAt’s core values. His investment and strategic involvement validate our mission to revolutionize the audio experience in India. Together, we’ll push boundaries, redefine sound, and create a community that thrives on passion and innovation."
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