Imagine Marketing, the parent company of boAt, said it has surpassed the Rs 3,400 crore revenue mark in FY23, representing a 20% growth compared to the previous year.
The company credit this growth to audio business and expanding smartwatch category, though these advancements have required significant investments, affecting overall profitability.
Despite the revenue growth, Imagine Marketing reported a loss, the specifics of which were not disclosed. This contrasts with the net profit of Rs 68.7 crore reported in FY22.
Looking ahead, boAt is on a trajectory to potentially exceed Rs 4,000 crore in gross revenue this year, a significant increase from the net sales of around Rs 4,000 crore (about $500 million) reported in June for FY23.
In FY23, the company launched over 50 new products, including the 'Nirvana Ion' and 'Airdopes Flex 454 ANC'. According to reports, the products have significantly contributed to the company's revenue, with a collective annual run rate surpassing Rs 350 crore in FY23.
The growth in the smartwatch segment was particularly notable, with a 50% year-on-year increase, while TWS and home audio categories saw 35%-40% growth in the first half of the year.
The startup, which is now focused on supporting the 'Make in India' initiative, produced over 30 million units domestically, with 15 million made in FY 2023. It recently partnered with Dixon Technologies for quality manufacturing in India.