HomeStartupAman Gupta’s boAt post Rs 3,376 Cr revenue & Rs 129 crore...

Aman Gupta’s boAt post Rs 3,376 Cr revenue & Rs 129 crore loss In FY23

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Music and millennials: how boAt tripled its revenues in a year and now
  1. In FY23, boAt achieved significant revenue milestones, earning INR 2,350.8 Crore from the audio segment and INR 901.5 Crore from sales of smartwatches. The company’s total operating revenue surged to INR 3,376.7 Crore, marking an 18% increase from the previous fiscal year’s revenue of INR 2,873 Crore.
  2. However, despite its revenue growth, boAt encountered its first loss since inception, reporting a loss of INR 129.4 Crore in FY23. This contrasts sharply with the profit of INR 68.7 Crore achieved in FY22.
  3. The company’s EBITDA margin also witnessed a substantial decline, deteriorating to -1.6% in FY23 from 4.98% in FY22, indicating a significant drop in operational profitability.
  4. Founded in 2015 by Aman Gupta and Sameer Mehta, boAt operates within the audio and wearables markets, specializing in products such as headphones, smartwatches, and speakers.
  5. The Delhi NCR-based startup has made a significant impact in the audio and wearables segment, crossing the INR 3,000 Crore sales mark in FY23, signifying its growth and penetration in these markets.
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