Imagine Marketing Limited, operating primarily under the “boAt” brand, ranked the largest brand in the branded personal audio category in India, with a market share of 26% in value terms and 34% in volume terms for the Financial Year 2025 has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).
The proposed initial public offering comprises a total issue of equity shares of face value of ₹1 each aggregating up to ₹ 1500 Crores, with fresh issue of equity shares aggregating to Rs 500 Crores and offer for sale of equity shares aggregating to Rs 1000 Crores. The offer for sale comprises of equity shares aggregating to Rs 75 Crores by Sameer Ashok Mehta, equity shares aggregating to Rs 225 Crores by Aman Gupta, equity shares aggregating to Rs 500 Crores by South Lake Investment Limited (Promoter Selling Shareholders) as well as equity shares aggregating to Rs 150 Crores by by Fireside Ventures Investment Fund-I (Scheme of Fireside Ventures Investment Trust) and equity shares aggregating to Rs 50 Crores by Qualcomm Ventures LLC (Individual Selling Shareholders).
The Company proposes to utilize the Net Proceeds towards funding the working capital requirements of our Company amounting to Rs 225 Crores, funding the brand and marketing expenses towards enhancing the awareness and visibility of the products and brand amounting to Rs 150 Crores as well as for general corporate purposes.
The company operates primarily under the “boAt” brand, which was launched in 2015. The company is focused on offering audio, wearables and charging solutions products that cater to India’s rapidly growing cohort of young, digitally native and technology and trend-conscious customers. boAt has maintained its position as India’s leading branded personal audio company by volume every year from FY2020 to FY2025, according to the Redseer Report. The brand was also the third-largest digital-first brand in India by revenue in FY2025 and ranked fourth globally in volume terms across branded personal audio for the same period.
boAt is one of India’s largest digital-first consumer product companies with a capital-efficient growth history, a consistent #1 leadership position in the fast-growing audio category, and strong presence across adjacent segments. The brand enjoys significant equity, clear market positioning, and a compelling value proposition, backed by a robust innovation engine driven by in-house R&D and significant collaborations. Its products are designed and manufactured in India through an agile supply chain, supported by a diversified channel mix spanning leading online platforms and an expanding offline footprint, under the guidance of a professional, founder-led management team with deep industry expertise.
During FY2025, boAt sold over 34 million units in India, underscoring its leadership across the country’s fast-growing consumer tech ecosystem. While the company began its journey in the audio category, it has diversified into wearables such as smartwatches and smart rings, and charging solutions including cables, chargers, and power banks. As of June 30, 2025, boAt offered over 250 high quality, lifestyle-oriented and technology-focused products across price points.
For FY25, boAt reported total revenue from operations (sale of products) of ₹3070.38 Crores. By product category, the audio segment remained the primary revenue driver, contributing ₹2586.040 Crores or 84.23% of total revenue from operations. The wearables segment accounted for ₹330.414 Crores, forming 10.76% of total revenue, while other products contributed ₹153.933 Crores, comprising 5.01%. The figures underscore boAt’s continued leadership in the audio category, supported by growing traction in wearables and a diversified product portfolio across channels. For FY25, boAt reported a profit of ₹61.08 Crores, reflecting a turnaround from the losses recorded in the previous year. The company achieved an EBITDA of ₹142.519 Crores, translating to an EBITDA margin of 4.64%. These figures highlight a significant improvement in profitability and operational efficiency.
A digital-first brand, boAt has built a diversified distribution network spanning e-commerce marketplaces, its D2C website, and a rapidly growing offline presence. As of June 30, 2025, it reached over 12,000 offline retailers across 25 states and 5 union territories through 112 distributors and a presence at all leading omnichannel retailers including Croma and Vijay Sales as of June 30, 2025. For FY25, online channels accounted for ₹2166.072 Crores, representing 70.55% of total sales, while offline sales stood at ₹904.315 Crores, contributing 29.45%. The consistent strength of boAt’s omnichannel strategy underscores its balanced growth across both digital and physical retail platforms, supported by strong consumer demand and effective distribution reach across India.
The company also operates over 115 third-party service centres across India and has extended its reach to the Middle East, Nepal and other South Asian markets. For FY25, boAt derived the overwhelming majority of its revenue from operations within India, accounting for ₹3058.77 Crores or 99.62% of total sales.
With over 75 million units manufactured domestically and 75.83% of total units made in India in Q1 FY2026 (up from 39.65% in FY2023), boAt continues to strengthen its supply chain resilience and agility. Its founders, Sameer Mehta and Aman Gupta, CEO Gaurav Nayyar, a professional management team, and marquee investors including Warburg Pincus, Qualcomm Ventures, and Fireside Ventures, drive the company’s success.
ICICI Securities Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the bankers to the issue
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