 "IPO-bound boAt parent to scale up local manufacturing for global expansion")
IPO-bound Imagine Marketing, the parent company of wearables brand boAt, has firmed up plans to become a made-in-India global lifestyle brand by increasing its overseas reach, according to a top company official.
The company has received regulatory nod for a Rs 2,000-crore public issue, of which Rs 900 crore will be fresh issue and the rest Rs 1,100 crore offer-for-sale.
It expects to manufacture 60 lakh units (nearly double its present output) in H1 of FY23 under its make-in-India strategy and scale it further as the demand and market reach grow, which will also help it launch products faster and at lower prices, Aman Gupta, the co-founder and chief marketing officer, told PTI.
Established in 2013 by Aman Gupta and Sameer Mehta in Mumbai, Imagine Marketing offers a product portfolio ranging from audio gear and smart wearables to personal grooming products and mobile accessories.
In the domestic market, it has been holding the pole position in the overall wearables category for the third consecutive year with over 40 per cent market share, according to IDC India' monthly wearable devices tracker for August 2022.
Imagine Marketing is seeking to expand into international markets primarily within its core audio and wearables categories, Gupta said.
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It is also seeking to diversify supplier and contract manufacturer networks and invest more in this initiative, he added, without elaborating on the funding side.
The company already has strong relationships with established technology participants 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 is able to source technology and components for manufacturing by its contract manufacturers, he added.
boAT sells its products through the Rockerz, Bassheads, and Airdopes product ranges. It also sells power banks, charging cables, and power bricks.
Among all its products, watch-based wearables are the fastest-growing category with over 145 per cent growth over the past year. Gupta attributed this high growth to the easy availability, affordability, better features and functionalities, innovative designs, and low-latency mode for gaming.
The company follows a strong omnichannel strategy, making its products available across marketplaces like Amazon, Flipkart, Myntra, Paytm and more. The brand is also available across over 20,000 stores, including Vijay Sales, Croma, and Reliance Digital.