Continuing its growth momentum, D2C electronics brand boAt on Thursday (June 15) said its net sales rose to around INR 4,000 Cr (about $500 Mn) during the financial year 2022-23 (FY23).
This represents a growth of about 39% from net sales of INR 2,872.9 Cr in FY22.
In a statement, the D2C brand attributed the rise in sales to sustained growth in the audio and wearables categories and its focus on the offline channel.
boAt said its ‘significant investments’ in alternative sale channels are bearing fruit, adding that it is ‘well-positioned and strongly capitalised’ for further aggressive growth.
“We are continuing to make significant strides in establishing ourselves as a dominant lifestyle brand in the categories in which we play in the Indian ecosystem… we believe boAt is well positioned and capitalised to continue to make aggressive investments in establishing ourselves as a leading wearables brand in the country, similar to our achievements in the audio category,” boAt cofounder and CEO Sameer Mehta said.
Elaborating on its strategy for the audio vertical, boAt said its partnerships with global companies, including Qualcomm (investor in boAt), Dolby and Dirac, has helped it bring global technologies in the audio space to Indian consumers.