IPO-linked parent boAt to ramp up local manufacturing for global expansion
Imagine Marketing, the parent company of IPO-linked wearable brand boAt, has confirmed plans to become a global lifestyle brand made in India by increasing its reach overseas, according to a senior company manager. The company is awaiting a regulatory green light for a public issue of Rs 1,100 crore, of which Rs 900 crore will be a new issue and the rest will be put up for sale. It plans to manufacture 60 lakh units (nearly double its current production) in the first half of FY23 as part of its India manufacturing strategy and expand it further as demand and market reach grow. increase, which will also help it launch products faster and at lower prices. , Aman Gupta, the co-founder and chief marketing officer, told PTI. Founded in 2013 by Aman Gupta and Sameer Mehta in Mumbai, Imagine Marketing offers a product portfolio ranging from audio equipment and smart wearables to personal care products and mobile accessories. In the domestic market, it holds the pole position in the overall wearables category for the third consecutive year with more than 40% market share, according to IDC India’s monthly wearables tracker for August 2022. Imagine Marketing seeks to expand into international markets primarily in its core audio and wearable categories, Gupta said. It is also looking to diversify networks of suppliers and contract manufacturers and invest more in this initiative, he added, without giving details on funding. The company already has strong relationships with established technology players such as Qualcomm, which is also one of its shareholders, Bharat FIH (a Foxconn Technology group company), Google, Dolby International AB, Airoha Technology Corp and Realtek Semiconductor Corp. , Gupta said. The company is able to source technology and components for manufacturing from its contractors, he added. boAT sells its products through the Rockerz, Bassheads and Airdopes product lines. It also sells power banks, charging cables, and power supplies. Among all of its products, watch-based wearables are the fastest growing category growing over 145% in the past year. Gupta attributed this strong growth to easy availability, affordability, better features and functionality, innovative designs, and low latency mode for gaming. The company follows a strong omnichannel strategy, making its products available on marketplaces like Amazon, Flipkart, Myntra, Paytm and more. The brand is also available in over 20,000 stores, including Vijay Sales, Croma and Reliance Digital.
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