According to a senior corporate executive, the parent company of the wearables brand boAt, Imagine Marketing, which is preparing to go public, has firmed up plans to establish itself as a global lifestyle brand manufactured in India by expanding its international presence.
The company is awaiting regulatory approval for a public offering of Rs 1,100 crore, of which Rs 900 crore will be a fresh issuance and the remaining Rs 600 crore will be an offer for sale.
According to Aman Gupta, the co-founder and chief marketing officer of the company, it anticipates producing 60 lakh units (nearly twice its current output) in H1 of FY23 as part of its make-in-India strategy. As demand and market reach increase, it plans to scale it further, which will also help it launch products more quickly and at a lower cost.
BoAT sells its goods under the brand names Rockerz, Bassheads, and Airdopes. In addition, it offers charging cables, power bricks, and power banks.
With almost 145% increase over the previous year, watch-based wearables are the category of its products with the quickest growth rate. Gupta ascribed this rapid rise to the low-latency gameplay mode, superior functionality, affordability, and accessibility to the technology.
A robust omnichannel strategy is employed by the business, which makes its products available on a variety of online stores, including Amazon, Flipkart, Myntra, Paytm, and others. Additionally, the brand is offered in more than 20,000 locations, including Vijay Sales, Croma, and Reliance Digital.
Imagine Marketing, a Mumbai-based company founded in 2013 by Aman Gupta and Sameer Mehta, offers a variety of goods, including mobile accessories, smart wearables, and audio equipment.
According to the monthly wearable devices tracker from IDC India for August 2022, it has held the lead in the local market's total wearables category for the third year in a row with a market share of over 40%.
According to Gupta, Imagine Marketing's primary target markets for international growth are its core audio and wearables categories.