New Delhi: Consumer tech brand, Boat which sells audio products like earphones, headphones, speakers, and travel chargers is expecting to clock Rs 500 crore turnover in the next five years, the company said in a statement. The two-year-old startup sells its products through e-commerce channels as well as through large format retail stores like Croma.The tech brand which had recently raised Rs 6 crores from early-stage venture capital firm Fireside Ventures has registered gross sales of Rs 108 crore in the financial year 2018, almost 300% jump since last financial year.
“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,” said Aman Gupta, co-founder of Boat.
According to Sameer Mehta, the other co-founder of the brand, Boat will enter the international market once it has gained a strong foothold in the country.
“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,” said Kanwaljit Singh, Managing Partner, Fireside Ventures.