The story begins with a charging cable. In 2016, two individuals based an organization—Aman Gupta and Sameer Mehta. Aman was from Delhi. He studied at DPS R.Ok. Puram, then accomplished his B.Com (Hons) from Delhi College, and later grew to become a Chartered Accountant.
Not solely that, Aman can also be an MBA graduate from the Indian Faculty of Enterprise (ISB). His tutorial journey didn’t cease there; he additionally accomplished an change program at Northwestern College’s Kellogg Faculty of Administration.
Initially, Aman labored as an Assistant Supervisor at Citibank, then as a Senior Marketing consultant at KPMG, and later grew to become a Gross sales Director at Harman Worldwide, the dad or mum firm of JBL. This gave him deep publicity to the audio business from inside. Throughout this time, Aman realized one key factor—Indian shoppers love bass. Whether or not it’s tabla, dhol, or EDM, India prefers punchy sound.
So BOAT tuned its merchandise accordingly and priced them between ₹350 and ₹550—a spread the place no sturdy branded participant existed.
After which BOAT bought what each startup wants—timing. In 2016, Reliance Jio launched. Cell knowledge, which earlier value ₹200–₹300 per GB, grew to become nearly free with limitless knowledge. After Jio’s arrival, thousands and thousands of individuals purchased smartphones, and with smartphones got here the necessity for earphones, chargers, and cables. BOAT was in the precise place on the proper time.
Within the first two years itself, BOAT crossed ₹100 crore in gross sales. In 2018, the corporate obtained its first funding from Fireplace Ventures—₹ crore. After that, BOAT entered audio system, soundbars, and TWS earbuds.
Then BOAT did one thing uncommon for an Indian electronics model—it centered on celebrities, however not in a conventional manner. It selected younger, rising faces like Hardik Pandya, KL Rahul, and Jacqueline Fernandez. As their recognition grew, BOAT additionally benefited.
BOAT positioned itself not simply as an electronics model however as a life-style model. Aman Gupta as soon as mentioned in an interview, “We don’t promote electronics, we promote life-style equipment.” This positioning labored. BOAT clients began calling themselves “BOAT heads,” forming a neighborhood.
In 2019, throughout Lakmé Vogue Week, fashions walked the ramp carrying BOAT merchandise. This was a daring transfer for an earphone firm and helped BOAT develop into a premium life-style model amongst youth.
Then the cash began flowing in.
Income figures:
- FY 2020: ₹701 crore
- FY 2021: ₹1,531 crore
- FY 2022: ₹2,873 crore
- FY 2023: ₹3,377 crore
In simply three years, income grew nearly 5 occasions. As gross sales elevated, income and buyers adopted.
In January 2021, US-based personal fairness agency Warburg Pincus invested $100 million (~₹730 crore), valuing the corporate at round ₹2,200 crore. Then in October 2022, in a Sequence C spherical, Warburg Pincus and Malabar Investments invested extra, pushing BOAT’s valuation to $1.32 billion (~₹8,800 crore). BOAT had formally develop into a unicorn.
In Might 2022, SEBI accredited BOAT’s ₹2,000 crore IPO. Every part was prepared. India’s personal audio model was about to enter the inventory market.
And that is the place the story takes a flip.
Up till now, the whole lot seemed excellent—income was rising, funding was coming in, and the corporate had develop into a unicorn. However what wasn’t seen exterior was that issues have been breaking inside.
The primary crack got here from high quality points. BOAT’s mannequin relied closely on design and branding in India, however manufacturing was executed in China. Low-cost audio units have been produced in Chinese language factories, branded as BOAT, and offered in India. This mannequin is called white labeling.
So long as competitors was low and clients wished low cost merchandise, it labored properly. However as customers began utilizing the merchandise, complaints elevated. Earbuds stopped working inside 3 months, charging circumstances failed, sound high quality remained common, and most significantly, customer support was poor. Folks raised tickets however obtained no response for weeks. Complaints began flooding Reddit, Twitter, and YouTube evaluations.
The second problem was the “Made in India” declare. BOAT positioned itself as a proud Indian model aligned with the “Atmanirbhar Bharat” motion. However the actuality was completely different.
In 2022, BOAT fashioned a three way partnership with Dixon Applied sciences referred to as Calfionix Tech. Round 70–80% of BOAT merchandise got here from this JV. Nonetheless, commerce data confirmed that Calfionix imported items value $44 million (~₹376 crore) from China and Taiwan in a single yr. Round 90–95% of its uncooked supplies have been imported.
So the query arose—was it really “Made in India” or simply “Assembled in India”? Elements have been coming from China, meeting was taking place in India, and branding was being executed as “Made in India.” This grey space affected BOAT’s credibility.
After which got here one other main blow.
In April 2024, reviews surfaced that knowledge of over 75 lakh BOAT clients had been leaked. Names, telephone numbers, emails, residence addresses, and order particulars have been all uncovered. A hacker often called “Shopify Man” uploaded the information on the darkish net. Shockingly, your complete database was reportedly offered for simply ₹216.
For a corporation holding thousands and thousands of customers’ private knowledge, this raised critical considerations—not nearly BOAT, however in regards to the Indian startup ecosystem itself, the place development is commonly prioritized over knowledge safety.
At this level, BOAT was going through three main issues…
In Might 2022, SEBI accredited BOAT’s ₹2,000 crore IPO. Every part was prepared. India’s homegrown audio model was about to enter the inventory market.
However that is the place issues began to alter.
Behind the sturdy numbers, cracks began appearing.
The primary problem was high quality. BOAT relied closely on a white-label mannequin—merchandise designed in India however manufactured in China, then branded and offered in India. This labored initially, however over time clients started complaining: earbuds stopped working in months, charging circumstances failed, sound high quality remained common, and buyer assist was gradual and unresponsive. Complaints elevated on Reddit, Twitter, and YouTube.
The second problem was the “Made in India” narrative. Whereas BOAT promoted itself as an Atmanirbhar Bharat success story, investigations revealed that a big portion of parts got here from China and Taiwan, and merchandise have been principally assembled in India relatively than absolutely manufactured there. This raised credibility considerations.
Then got here a significant blow in April 2024, when knowledge of over 75 lakh BOAT clients was leaked. Names, telephone numbers, emails, addresses, and order particulars have been uncovered on the darkish net by a hacker. Shockingly, the information was reportedly offered for simply ₹216. This raised critical considerations about knowledge safety practices not simply at BOAT, however throughout the Indian startup ecosystem.
At this level, BOAT was coping with three main issues: high quality points, questions over its “Made in India” declare, and a significant knowledge breach.
However the largest setback got here from the market.
BOAT entered the smartwatch phase in 2020, and initially it labored. The Indian smartwatch market grew quickly. Nonetheless, BOAT repeated the identical technique—rebranded Chinese language merchandise with restricted innovation. Rivals like Noise and Fireplace-Boltt moved sooner, introducing higher options like well being sensors, improved software program, and extra innovation.
Because of this, BOAT’s market share declined:
- 2022: 18.8%
- 2023: 17% (third place)
- 2025: 14.1%
In the meantime, rivals overtook it. Fireplace-Boltt grew to become primary, adopted by Noise.
The smartwatch class itself additionally began shrinking because of lack of innovation and related merchandise throughout manufacturers.
Financially, BOAT noticed its income drop in wearables and general development slowed. After being worthwhile till 2022, the corporate posted a lack of ₹129.5 crore in 2023, adopted by one other loss in 2024.
Regardless of SEBI approval in 2022, the IPO was postponed because of weak market circumstances and losses.
In FY 2025, BOAT confirmed a small revenue once more (~₹60 crore), however this got here primarily from cost-cutting relatively than gross sales development.
Later, the IPO course of resumed, focusing on ₹1,500 crore, however simply 29 days earlier than submitting official IPO paperwork (DRHP), each founders stepped down from government roles—Aman Gupta as CMO and Sameer Mehta as CEO. The market considered this as a significant pink flag.
Audit reviews additionally flagged mismatches in monetary reporting and considerations over fund utilization, elevating governance questions.
Worker attrition additionally elevated sharply, with over 30% of workers leaving yearly in recent times.
Finally, BOAT paused its IPO once more in 2026.
Nonetheless, the corporate shouldn’t be “completed.” It nonetheless stays certainly one of India’s largest audio manufacturers, with thousands and thousands of consumers and powerful market presence.
Aman Gupta, in the meantime, has diversified closely—investing in a number of startups by Shark Tank India and launching his personal AI-focused enterprise “OFF/BEAT” with ₹100 crore funding.
The BOAT story finally reveals one factor clearly:
A model can develop quickly with advertising, timing, and pricing—however long-term success will depend on product high quality, innovation, belief, and consistency.
As a result of ultimately, regardless of how sturdy the promoting is, clients solely bear in mind the product expertise.
