IPO-linked Imagine Marketing, the parent company of wearables brand boAt, has solidified plans to become a global lifestyle brand made in India by expanding its reach overseas, according to a senior company official.
The company is awaiting a regulatory nod for a public offering worth Rs 1,100 crore, of which Rs 900 crore will be reissued and the remainder put up for sale.
It expects to produce 60 lakh units (nearly double its current production) in H1 FY23 as part of its Make-in-India strategy and to continue to scale it as demand and market reach grows, which will also help Getting products to market faster and at lower prices, Aman Gupta, 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 devices and smart wearables to personal care products and mobile accessories.
In the domestic market, it holds the pole position in the overall wearable category for the third consecutive year with a market share of over 40 percent, according to IDC India’s monthly wearable device tracker for August 2022.
According to Gupta, Imagine Marketing is looking to expand into international markets, particularly in its core audio and wearables categories.
It’s also looking to diversify its supplier and contract manufacturer networks and is investing more in that initiative, he added, without going into detail on the funding side.
The company already has close ties 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 has the ability to source technology and components for manufacturing through its contract manufacturers, he added.
boAT sells its products through the Rockerz, Bassheads and Airdopes product lines. It also sells power banks, charging cables and power bricks.
Among all of its products, watch-based wearables are the fastest-growing category, with growth of over 145 percent over the past year. Gupta attributed this high growth to easy availability, affordability, better features and functionality, innovative designs, and low-latency mode for gaming.
The company follows a strong omnichannel strategy and makes its products available on marketplaces such as 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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