Aligning itself with the pulse of a generation keen on technological innovation and global connectivity, Indian consumer tech brand Boult Audio is setting the stage to go public in the coming year. With a clear revenue goalpost of ₹1,000 crore by fiscal year 2025, Boult Audio is on an aggressive expansion trajectory, eyeing international markets and brand-new product categories. Varun Gupta, the co-founder of the company, has provided insights into this ambitious journey in an intimate conversation with PTI.
The year ahead does not spotlight an IPO for Boult; instead, the company is zoned in on penetrating offline markets, spreading its international presence, and diversifying its product line-up. Gupta points out, “We are not focusing on the IPO this year, our primary focus is to foray into offline markets, international geographies, and new categories, but possibly in the next year.”
Despite being IPO-ready, having surpassed the ₹500 crore profitability mark, Boult Audio has elected to chase an internal milestone before ringing the bell on the trading floor. The ₹1,000 crore revenue target is their marker for readiness, according to Gupta. It’s a milestone they project hitting in fiscal 2025 – a projection supported by a combination of strategies, including the expansion into new categories, bolstering their True Wireless Stereo (TWS) product segment, and strengthening offline and international sales channels.
Boult Audio’s steps to conquer physical retail spaces are well underway, with its reach expanding to 4,000 sales points across every Indian state since October of the previous year. Going global, Boult has successfully ventured into the markets of the U.S. and U.K. in May 2023 and recently made its entry into Nepal in January 2024.
The enthusiasm about ‘Making in India for the world’ is palpable in Gupta’s tone as he sketches out the brand’s vision to elevate India’s status on the world stage by birthing a leading technology brand from its soil. “Right from the beginning, our vision was to make in India, for the world,” Gupta asserts, revealing the company’s roadmap to include Europe, Australia, and Africa in its international crusade.
Despite what appears to be an international focus, Boult has not forgotten its roots, with Gupta proudly stating that “99% of the products that we sell in India are manufactured and assembled in India.” They stand out in the Indian market by going against the grain of simply rebranding OEM products; instead, Boult prides itself on complete in-house product designing, a process in which Gupta, an artist at heart, is deeply involved.
Boult Audio has built a manufacturing facility in Delhi, and is in the process of setting up another in Gurgaon. They’ve brought on board Saif Ali Khan and Suryakumar Yadav as brand ambassadors, yet have chosen to focus on product quality over marketing extravagance, as they believe the product should be the true hero.
When discussing competition, Gupta acknowledges boAt as their principal rival and also notes Noise, Firebolt, and boAt in the smartwatch segment. Despite the presence of international players, he highlights the collective dominance of Indian brands, who hold about 80% of the market share, a testament to their competitive edge and customer loyalty.
In conclusion, Boult Audio is not merely preparing for an IPO; it is meticulously crafting a narrative of growth, innovation, and national pride. With continued expansion and a commitment to its ‘Make in India’ ethos, Boult Audio is poised to become a formidable global player in consumer tech, a journey that market watchers and consumers alike will follow with interest.
