The startup space in India is growing faster than one could imagine. India is the 3rd largest start up ecosystem in the world after USA and China. But few have a ride that could match that of boAt Lifestyle. In October 2025, its parent company, Imagine Marketing Services, got a go ahead from regulators for an IPO worth about Rs 1,500 crore. This marks an impressive milestone after ten years of pure hustle.
What started in a tiny Delhi space grew into India’s top player in audio gear. It holds 26% of the value share and 34% of the volume share in the wearables market for fiscal year 2025. Two friends, Aman Gupta and Sameer Mehta, lead this success. They mixed tough work, smart marketing, and big hopes to build a company now worth almost Rs 11,000 cr.
This is not a rags-to-riches story. It is much more than it. A story that shows determination in India’s cutthroat e-commerce ecosystem. From a bootstrapped start with just Rs 30 lacs, to handling big funds and managing tough times like a champion, boAt reflects the spirit that drives new Indian business owners. With the IPO around the corner, it becomes imperative to know the story behind boAt. How did two friends shake up a field run by names like Apple, Sony and Bose?
The charging cable that changed the audio industry forever
Great companies often fix a problem people face every day. boAt began the same way. Aman Gupta, who was just 33 in 2015, came from a simple family in Delhi and worked as a chartered accountant at places like KPMG and Citibank. There, he learned about money matters. But office life felt too routine to him. He wanted his own thing and so started selling some gadgets online as a side gig. And it was at this time he realised that the phone charging cables broke easy. A common and very irritating issue that bugged the young phone users.
Sameer Mehta, Aman’s childhood friend, who knew sales well and worked in goods sales while spotting opportunities others missed, shared this frustration. Both hated the weak imported cables available on e-commerce sites like Flipkart and Amazon. The question kept bothering them as to why no one is looking into strong cables. And that very question started it all. They pooled in Rs 30 lakh from their own pockets without going for any big investors or bank loans. In November 2016, they kicked off boAt under Imagine Marketing Services Pvt Ltd.
Starting from a small 200 square foot garage-like room in Delhi’s Okhla area, they got sturdy and long-lasting cables from China. But that was not all. They added cool looks and sold online. Gupta ran daily tasks and books. Mehta won over sellers and shops. Their first sales hit Rs 5 lakh in initial months, but it was just about enough to pay bills. “We had a goal and lots of tape,” Gupta joked later on Shark Tank India.
boAt stood out on two areas – style and strength. Bright colors, strong bass sound, and fun taglines like “Your boAt, Your Way.” They targeted young users who love music and photos. This fit India’s booming digital audio market, expected to reach $7.5 billion in 2030.
Onward and Upward
boAt ran on its own steam for two years as revenue in FY17 reached Rs 27 cr. Online buys and word of mouth pushed it. While the cables led the battle at first, Gupta and Mehta switched to sound gear like earbuds soon seeing need from music apps like Spotify. “Indians want tech that fits us. Cheap, fun, and lasts,” Mehta said in a 2023 chat.
Things picked up in FY18, and sales tripled to Rs 108 cr. boAt went to real stores, teaming with 500 shops in North India. And then came a problem which they probably had not anticipated. Fake copies of their products in the market that hurt brand trust. To add to the woes, delivery delays from China suppliers slowed things. But they had contingencies in place. Their straight-to-you sales on boat-lifestyle.com built fans and by late 2018, they sold four items a minute.
While Gupta’s money skills kept costs down, smart low-cost ads changed the game. Mehta’s sales touch made social media pop. Videos on Instagram with rappers and stars selling boAt buds got millions of views making the brand a household name. Stars like Kartik Aaryan in ads showed brains beat big budgets.
Taking the next step – The funding
At this level, it was clear to both Gupta and Mehta that it was time to stop going alone. Which is when they went for funding. After showing real sales, they got big money in April 2018. A $900,000 seed round from Fireside Ventures put value at $10 million. That money bought stock and moved HQ to Mumbai, cementing that they meant business.
Take a look at all the funding across rounds as per data from Tracxn:
| Round | Date | Amount | Key Backers | Value After |
| Seed | Apr 2018 | $922K | Fireside Ventures | $14.6M |
| Seed | Jan 2019 | $2.16M | N/A | $67.8M |
| Debt | Jul 2019 | $2.92M | Navi | N/A |
| Debt | Jul 2019 | $2.32M | InnoVen Capital | N/A |
| Debt | Sep 2020 | $3.41M | N/A | N/A |
| Series B | Dec 2020 | $100M | Warburg Pincus, Qualcomm Ventures | $276M |
| Series B | Apr 2021 | $6.65M | N/A | $256M |
| Series C | Oct 2022 | $61.6M | Malabar Investments | $1.32B |
| Angel | Feb 2024 | Undisclosed | N/A | N/A |
Warburg Pincus led with over $200 million total, helping boAt become a unicorn in 2021, over $1 billion value. All in, $171 million from nine rounds. A Mix of shares, loans, and notes. It wasn’t only money, these rounds also got them know-how with companies like Qualcomm helping tech work and Fireside helped tune consumer views.
Gupta and Mehta, both numbers people, always lead with them. 300%-year growth, 10 million buyers, and edge in bass sound for Indian tastes. But cash meant rules. Board spots and fast growth push tested them later.
The big jump
By 2020, boAt grew faster than anyone’s imagination. FY21 sales hit Rs 1,531 cr, which was more than ten times that of FY18. Lockdowns boosted online buys and then Shark Tank Season 1 with Gupta as shark made it a home name. boAt then added true wireless (TWS) buds like Airdopes to its mix which took 40% of India’s TWS spot.
And this was not luck. The aggression showed in everything that boAt did. 70% online sales on platforms like Amazon, 30% in stores like Reliance. All this while they added new items like watches, speakers and soft cases. The price per item more than doubled. And then came the social media genius with brand tricks like fan clubs, try-on apps, ties with IPL teams like Mumbai Indians. No wonder the brand was hitting 100 million views a month.
Rough waters: Wins, falls, and close calls
Like any story, this one too had its villains. Between 2022 to 2024 boAt was hit by issues. After unicorn peak, the sales slowed. FY23 came at flat Rs 3,377 crore. The TWS market in which boAt reigned became full of rivals like Noise, Boult, OnePlus. Stocks of Rs 500 cr piled up and locked cash.
In March 2022, Gupta and Mehta planned to file for an IPO at Rs 2,000 crore at $1.5 billion value. But with the chaos all around, things looked murky. The Russia-Ukraine mess and the failure of Paytm IPO. To add to the pain, their new product lines like clothes bombed. All this while China saw multiple lockdowns which hurt supplies.
By FY24 the sales were down by 7% to Rs 3,118 crore. Losses went to Rs 54 crore. Not to forget the news was all over about founder backer fights.
But they bounced back. Aman Gupta’s famous line, “Change or fade,” worked and how. They racked their brains and cut weak lines, increased prices with “Nirvana” series, a high-end collection for the always hungry young India. Exports jumped to 10% of sales and Q1 FY26 the company logged profits of Rs 21.4 cr.
The loud future?
As Imagine Marketing Services moves toward its Rs 1,500 cr IPO soon, the company stands at a pivotal juncture in its story. Having navigated tough times over the years to posting huge profits, the brand has proven its resilience against market headwinds. By pivoting to premium offerings like the “Nirvana” series and expanding exports, Gupta and Mehta have demonstrated that the “Hum Bhi Bana Lenge” spirit is more than just a viral mantra. It is in fact a sustainable business strategy. From a Rs 30 lakh investment in a Delhi room to an Rs 11,000 cr valuation, boAt has successfully challenged global giants. Now, as they prepare to go public, the market watches keenly to see if their stock performance will be as impactful as their bass.
Disclaimer:
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, he was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
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