Smart wearable firm Boult expects 33% growth in FY25, Rs 800 cr net revenue

Boult's smartwatch segment declined 1.6 per cent in 2024 on a YoY basis. The company, however, registered the highest growth rate among Indian brands in the earwear category in 2024

Smart wearable firm Boult expects to close the current financial year with about 33 per cent growth in net revenue at Rs 800 crore, a top company official said on Wednesday.

Speaking on the sidelines of launching new TWS (truly wireless) earwears, as part of a collaboration with Ford Mustang, Boult Co-Founder and CEO, Varun Gupta said the company expects the 25 per cent of total sales to come from smartwatch portfolio and around 75 per cent from audio devices in the current fiscal year.

"We had Rs 600 crore revenue in 2024-25. This year, we are on track to record a revenue of Rs 800 crore minus taxes. Our gross merchandise value will be over Rs 1,000 crore," Gupta said.

According to the market research firm IDC, India's wearable device full-year shipments declined year-on-year for the first time ever, falling 11.3 per cent to 119 million units in 2024 compared to about 134 million units supplied in 2023.

The major decline was driven by smartwatches while the earwear category registered a modest 3.8 per cent YoY growth to 83.5 million units.

Boult's smartwatch segment, too, declined 1.6 per cent in 2024 on a YoY basis. The company, however, registered the highest growth rate among Indian brands in the earwear category in 2024. It was the second-largest player in the category with 13 per cent market share during the year, as per IDC.

Gupta said Boult's collaboration with Mustang has significantly strengthened its position in the market.

"Mustang is a design first company. We at Boult also focus on design. Our partnership with Mustang has fuelled about 10 per cent market share increase in the Rs 1500-Rs 2000 TWS segment," Gupta said.

The company has expanded Boult x Mustang Collection with the launch of Mustang Q, Mustang Dyno, and Mustang Torq in two new colours in the price range of Rs 1,299- 2,499.

"We design the products in India. For PCB (motherboard) level design we have a partner in India as well as in China. Since we don't have production of semiconductors in India, we have to import them but entire packaging material is sourced from India. The entire app is developed in-house," Gupta said.