Amidst the rising competition in the Indian wearables market, Boat is stealing the spotlight, not only on national fronts, but the company is also claiming a strong presence in the international markets. The growing popularity of Boat has remained untouched even by the decline in the market of neckbands.
The year 2022 saw a year-on-year decline in neckband shipment by 9%. The decline is attributed to seasonality and the rising competition in the market. It has been pointed out that customers now prefer Truly Wireless Stereo (TWS) devices over neckbands. Nevertheless, the neckband market still has high growth potential due to the aspect of affordability, convenience, and comfort, research by Counterpoint stated.
“Indian neckbands are expanding towards the low-price tier of Rs 1,000, which reached its highest ever share of 32 percent in 2022, up from 20 percent in 2021,”
said Anshika Jain, senior research analyst.
The Sinking Ship Saved By BoAt
Even though there is a visible decline in the neckband shipment market in India, the overall market share of the homegrown brand ‘Boat’ has led the pack of the neckband market, claiming a 27% share in the market. The brands One Plus and Realme took the second and third spots, respectively.
The local brands, with Boat taking the leading spot, outperformed the global competitors, who contributed only 3 % in comparison to the 62% contribution by the homegrown brands despite a decline in the neckband market share.
Boat: Leading The Wearables Market
It’s intriguing to understand the model on which this brand works. What makes Boat one of the largest and most renowned brands in the Indian wearable market? What are its USPs? What is the market segment? All such questions will get an answer in this segment!
Not only is Boat gaining popularity in the Indian market, but it is also earning a global reputation by being the 5th Biggest Wearable Brand in the World, as per International Data Corporation (IDC).
What Is Boat All About?
Boat started sailing in 2014 when Aman Gupta and Sameer Mehta, the founders, discovered a gap in the wearable market, and they started their voyage to serve consumers with the best in quality and affordable wearables. Boat manufactures products ranging from wireless neckbands, earphones, and soundbars to cables, car accessories, chargers, and much more!
What Is Boat’s USP?
The brand focused majorly on the millennial audience and catered to a market that was left untouched. Catering to the mid-range market segment, the brand continuously updated its portfolio and modified with changing trends and fashion. Boat discarded the conventional marketing strategy and resorted to growing online marketing on platforms like Facebook and Instagram. This strategy proved to be a game changer, and Boat successfully captured a base of 800,000 boAtheads.
What Is Boat’s Target Audience?
Boat specifically targeted the young millennials, who wanted quality and affordable prices. It caters to Gen Z customers and deploys effective marketing strategies to meet their demands. The brand focuses on leveraging the latest technologies along with maintaining a sleek style at an affordable price.
The Financial Reports
Even when the Indian earphone market showed signs of downfall, Boat sailed the high tide and made considerable progress in terms of financial figures. The sales of wireless earphones, being one of the most prominent products, increased 2.5 times in the year 2022 as compared to the year 2021 from Rs.180 crore to Rs.553 crore, respectively. The overall revenue of the company crossed Rs. 700 crores in FY2022. The company’s expansion strategy has considerable growth potential, which may leverage significant financial gains. As of now, the company has 5000+ retail stores and 20 distributors. The figures below depict the growth of the company’s income and profit shares.
This rise in popularity is not only of benefit to the company and its stakeholders but the investors ready to purchase its unlisted shares. The current Boat unlisted share price is floating at around Rs. 785 (subject to change) and has gained the investors’ trust to bag significant returns in the future.
Boat Unlisted Share Details
|Total Available Shares||1000|
|Face Value||Rs 1 per equity share|
|Lot Size||25 shares|
|Current Unlisted Share Price||Rs. 785(approx)|
The company’s market capitalization is ₹ 7999Cr., and 1000 shares are available with a lot size of 25 for potential investors and buyers. If you are interested in buying boat unlisted shares, then Stockify can be your perfect gateway to investing in unlisted shares. You can get access to the unlisted stocks of blue chip companies not yet listed in the Indian stock market. You can connect with professionals to get expert advice before starting your investment journey. Stockify simplifies the process of documentation, KYC, and payments. So, to begin investing in unlisted shares, connect with Stockify.