The boAt Business Model of Audio and Wearables Sold Online
How boAt sells audio products and wearables under its boAt brand.
Key Takeaways
- Audio was 84.23% of boAt's FY25 sales across three product categories.
- Online channels made 70.55% of boAt's FY25 sales, and offline channels made 29.45%.
- In FY26 boAt reported about ₹2,931 crore revenue and ₹84.5 crore profit after tax.
- boAt's IPO plan is ₹1,500 crore, with a ₹500 crore fresh issue and ₹1,000 crore sale.
Table of Contents 12 sections
boAt business model in brief
The boAt business model is built on selling headphones, speakers, smartwatches and mobile accessories under its boAt brand and sold through online marketplaces, its own website and retailers. The brand belongs to Imagine Marketing Limited.
In FY26 the company reported revenue from operations of about ₹2,931 crore and a profit after tax of ₹84.5 crore, against ₹61.1 crore in FY25. Its parent has filed IPO papers for ₹1,500 crore.
boAt at a glance
| What it sells | Audio products, smartwatches, mobile accessories and other products |
| Parent company | Imagine Marketing Limited |
| Co-founders | Aman Gupta and Sameer Mehta |
| FY26 revenue from operations | About ₹2,931 crore |
| FY26 profit after tax | ₹84.5 crore |
| IPO plan | ₹1,500 crore, no launch reported |
What boAt does
boAt sells consumer electronics under its boAt brand. The range covers audio devices such as headphones and speakers, wearables such as smartwatches, and mobile accessories. As of 30 June 2025 the company offered over 250 products, according to its updated draft prospectus.
According to its updated draft prospectus, citing a Redseer report, the company held about 26% of India's branded personal audio segment by value and 34% by volume in FY25.
How boAt makes money
boAt earns by selling products, so its revenue is split by product category and by sales channel. In FY25 audio products brought in ₹2,586.04 crore, or 84.23% of sales of about ₹3,070 crore across its three product categories. Wearables brought in ₹330.41 crore and other products ₹153.93 crore.
The company reports where those sales happen too. Online channels made ₹2,166.07 crore, or 70.55% of FY25 sales, and offline channels ₹904.32 crore, or 29.45%.
boAt revenue and profit
In FY25 boAt reported revenue from operations of about ₹3,073 crore, of which sales across its three product categories were about ₹3,070 crore, and a profit after tax of ₹61.08 crore. For FY26 the company reported revenue from operations of about ₹2,931 crore and a profit after tax of ₹84.5 crore.
International revenue was about ₹45 crore in FY26. The company reported cash reserves of about ₹397 crore and no bank debt.
boAt's Business Model Canvas
How boAt sells and serves
Offline, boAt had over 12,000 offline retailers and 112 distributors, according to its updated draft prospectus. India accounted for 99.62% of FY25 sales. Online channels are the larger route, with ₹2,166.07 crore of FY25 sales against ₹904.32 crore offline. The remaining part of the fresh issue is meant for general corporate purposes. In FY26 revenue from operations was about ₹2,931 crore against about ₹3,073 crore in FY25, and profit after tax was ₹84.5 crore against ₹61.1 crore. More than 115 third-party service centres support customers after the sale.
Who owns boAt and the boAt IPO
boAt was co-founded by Aman Gupta and Sameer Mehta. In the updated draft prospectus, South Lake Investment held about 39%, Aman Gupta 24.76% and Sameer Mehta 24.75% before the IPO.
The boAt IPO plan is ₹1,500 crore: a fresh issue of ₹500 crore and an offer for sale of ₹1,000 crore. Of the fresh issue, ₹225 crore is meant for working capital and ₹150 crore for brand and marketing. The offer for sale is split between five sellers.
boAt's journey so far
Imagine Marketing first filed draft IPO papers in January 2022 for about ₹2,000 crore. SEBI cleared a later confidential draft in 2025, and an updated draft for ₹1,500 crore followed in October 2025. In January 2026 the IPO was reported to be on hold.
boAt IPO status and FY26 revenue
The IPO was reported on hold in January 2026 and no price band or issue dates have been reported. FY26 revenue from operations was about ₹2,931 crore against about ₹3,073 crore in FY25.
Conclusion on the boAt business model
boAt sells audio products, smartwatches, mobile accessories and other products under its boAt brand. The products are sold through online channels, which were 70.55% of FY25 sales, and through offline retailers.
Audio was 84.23% of FY25 sales across three product categories. In FY26 the company reported revenue from operations of about ₹2,931 crore and a profit after tax of ₹84.5 crore.
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