The company has made significant investments in the local Indian manufacturing ecosystem, with most of its audio and wearables products now being manufactured in India
New Delhi: Audio and wearables brand Boat on Thursday said it has reached a net sales milestone of Rs 4,000 crore for FY23 and is poised for continued aggressive growth.
Boat said over the past few years, it has made significant investments in the local Indian manufacturing ecosystem, with most of its audio and wearables products now being manufactured in India via several EMS players, including Dixon, with whom Boat has also created a manufacturing JV.
In a statement, Boat announced it has now scaled up to about Rs 4,000 crore in net sales in FY2022-23.
“This milestone has been achieved on the back of its sustained number 1 presence in India’s exciting audio category and having now established a leadership position in the hyper-growth wearables category with a distinctive and unique strategy to pursue a software play through its recently acquired KaHa platform and creating a one-of-its-kind health and wellness wearables ecosystem within its product portfolio,” according to the statement.
chief executive officer Sameer Mehta said Boat’s commitment to ‘Make in India’ remains strong and added, “the rapid pace of our transition to Indian manufacturing and our JV with Dixon Technologies is evidence of that”.
“Having raised private equity capital over multiple rounds, including from Warburg Pincus, we believe Boat is well positioned and capitalised to continue to make aggressive investments in establishing ourselves as a leading wearables brand in the country, similar to our achievements in the audio category,” Mehta added.
