Consumer tech brand Boat, selling audio products such as earphones, headphones, speakers and travel chargers, is eyeing revenue of Rs 500 crore in the next five years. The company is selling its products through e-commerce channels and large format retail stores like Croma.
Boat has reported gross sales of Rs 108 crore in the financial year 2018, almost 300% jump since last financial year. Recently, the brand had raised Rs 6 crore from early-stage venture capital firm Fireside Ventures.
Aman Gupta, Co-Founder of Boat, said, "We operate under FMCG category. Our products have consistently performed well due to considerable importance to quality and positive word-of-mouth marketing, driven with our passion for meaningful innovation. We are witnessing a strong uptake month-on-month as we continue to expand our portfolio. Our competitive advantage lies in an agile business model with a focus on consumer needs, desires and behavior patterns."
Kanwaljit Singh, Managing Partner, Fireside Ventures, stated, "Boat’s financial performance has been strong and is one of the strongest brands in our portfolio. They identified a white space and came up with a solution targeting the audience with a relevant product portfolio. They have created a product line-up that caters specifically to how the Indian consumer wants to listen to music. We strongly believe boAt has all the right mix to scale and become a household brand in the coming years."