Newsletter
boAt has confidentially filed its papers for an IPO, joining the likes of Tata Play, OYO, Swiggy, and Credila Financial Services to take the secretive route.
Considering what’s going on in the market, the timing couldn’t have been worse.
Background: boAt has raised over $170 million to date, including a $60 million round in 2023 led by Warburg Pincus and Malabar Investments. Warburg remains the largest external stakeholder, followed by Fireside Ventures and Qualcomm.
By the numbers: revenue dipped 5% to ₹3,122 crore in FY24 from ₹3,285 crore in FY23. Losses, however, were slashed by 47% to ₹53.5 crore
Worth noting: this isn't boAt's first attempt to hit the street. The company had previously filed for a ₹2,000 crore IPO in 2022 but withdrew due to unfavorable market conditions. Instead, it settled for $60 million in private funding.
Zoom out: what could make the timing trickier is that India’s wearable tech market shrank 20.7% year-on-year in Q3 2024.
Despite that, average selling prices rose for the first time since 2019 signaling demand for slightly more premium picks.
