BoAt posts fivefold revenue growth to ₹3,100 cr, returns to profit in FY25

IPO-bound boAt has emerged as a top digital-first consumer tech brand, recording rapid revenue expansion, a return to profitability, and stronger EBITDA margins as it deepens presence across audio

IPO-bound Imagine Marketing Ltd., the parent of wearable and audio brand boAt, has become one of India’s largest digital-first consumer technology companies in less than a decade. The company grew revenue more than fivefold — from ₹600 crore in fiscal 2020 to ₹3,100 crore in fiscal 2025 — representing a compound annual growth rate of about 38 per cent, while holding the top spot in India’s branded personal audio market for five consecutive years. BoAt commanded a 26 per cent value share and 34 per cent volume share in fiscal 2025, according to its updated draft red herring prospectus (UDRHP-1) filed with the Securities and Exchange Board of India. Growth and profitability continued into fiscal 2026, with double-digit gains and EBITDA margins rising to 6.6 per cent in the June quarter.

 

 

How is boAt positioned within India’s growing audio market? 

BoAt’s core business is audio, a $6 billion category in India with an attractive market structure, significant growth tailwinds, and under-penetration from a consumer perspective. The firm has made significant investments in product, R&D, manufacturing, and branding. Its premium Nirvana line, targeted at aspirational buyers in the ₹2,000–₹3,000 range, holds a 20 per cent market share by value among branded audio products.

 

How is the company diversifying beyond audio? 

Outside audio, boAt has systematically diversified into high-growth adjacencies such as wearables and charging solutions. Its top two to three positions across these categories demonstrate the extendibility of the brand across segments and position the company to tap other vectors of growth besides its strong audio core. Together, these segments reflect a calibrated diversification strategy, scaling adjacencies that complement boAt’s customer base and distribution ecosystem.

 

What is driving boAt’s product and engineering scale-up? 

At the heart of boAt’s disciplined growth lies a focus on innovation, speed, and cost efficiency, according to the UDRHP. The company has established robust in-house engineering and R&D capabilities, backed by collaborations with global technology partners. As of June 2025, it offered over 250 products across price points and launched more than 100 new products each in FY24 and FY25, including 25 in the first quarter of FY26 alone.

 

How has boAt expanded across digital and physical retail channels? 

BoAt’s disciplined execution extends to its channel strategy. Initially an online-first brand, it has established a multi-channel presence across digital and physical retail. In FY25, online channels contributed ₹2,166 crore, or 70.6 per cent of total sales, while its offline network expanded to over 12,000 retailers across 25 states and five union territories, supported by 112 distributors and tie-ups with leading omnichannel retailers like Croma and Vijay Sales.

 

What do investors and governance shifts signal about boAt’s future? 

Supported by marquee investors such as Warburg Pincus (South Lake Investment Ltd), Qualcomm Ventures, and Fireside Ventures, the company has balanced innovation-led growth with strong governance and financial control, signalling the maturation of India’s consumer tech ecosystem, according to the UDRHP.

 

BoAt’s founders continue to own 50 per cent of the company. The firm’s proactive steps in its professionalisation journey highlight the founders’ commitment to leadership continuity and best-in-class governance, laying the foundation for boAt to capitalise on the multi-decadal opportunity ahead in India’s consumer technology market.

 

Its fivefold growth in five years, consistent leadership in audio, profitable diversification, and measured expansion across categories have set new standards for India’s new-age consumer brands, according to the UDRHP.