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Imagine Marketing (boAt) is a digital-first consumer products company and is one of the largest Indian digital-first brands in terms of revenue from operations for the financial year 2021 (Source: RedSeer Report). The company has an attractive offering of wide-ranging, high-quality and aspirational lifestyle-focused consumer products at accessible price points, under its brands.

Founded in 2013 and led by its flagship brand “boAt” launched in 2014, the company has established leading market positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smartwatch as of September 30, 2021 (Source: RedSeer Report).

The company seek to identify fast-growing, lifestyle-oriented product categories with high consumer engagement and large market opportunities and disrupt the incumbent industry landscape. Its portfolio includes products under its flagship “boAt” brand, as well as under other brands such as “RedGear” - its value-oriented gaming accessories brand; “TAGG” - its premium audio and wearables brand; “Misfit” - its personal care and grooming sub-brand; and “DEFY” - its value-oriented audio brand.

While it initially started its journey with hearables products within the audio category, Imagine Marketing offer products across a variety of price points and customer segments across multiple product categories, which comprise (i) audio (wired headphones and earphones, wireless headphones and earphones (neckbands), true wireless stereo (TWS), Bluetooth speakers and home theatre systems and sound bars), (ii) wearables (smartwatches), (iii) gaming accessories (wired and wireless headsets, mouse and keyboards), (iv) personal care appliances (trimmers and grooming kits) and (v) mobile accessories (chargers, cables, power banks and other accessories).

As of September 30, 2021, for the second quarter of Financial Year 2022, Imagine Marketing ranked #1 in India among the wireless hearables brands by value and volume and #2 among smartwatch brands in India in terms of volume (Source: RedSeer Report). Moreover, its market share in both wireless hearables and smartwatch segments has consistently increased over time, and for the quarter ended September 30, 2021, it had a market share of 48% and 23% in terms of volume, and 30% and 13% by value, in the branded wireless hearables and smartwatch markets, respectively (Source: RedSeer Report).

Boat Competitive Strengths

As one of the largest Indian digital-first brands in terms of revenue from operations for the financial year 2021, the company focuses on delivering high-quality, aspirational, lifestyle-focused products targeted at India’s rapidly emerging online audience of young, digitally-enabled and trend-conscious consumers has led to its flagship brand “boAt” becoming synonymous with the hearables and wearables markets in India (Source: RedSeer Report). For the quarter ending September 30, 2021, its brand “boAt” was recognised as the #1 wireless hearables brand in value and volume terms and #2 smartwatch brand in India by volume with market shares of 48% and 23% in terms of volume, and 30% and 13% by value, in wireless hearables and smartwatches respectively (Source: RedSeer Report). For the six month period ended September 30, 2021, RedGear is one of the leading brands in the gaming headsets and controllers (keyboard, mouse, mouse pad, joystick) market based on sales volume on leading ecommerce marketplaces (Source: RedSeer Report)

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Since the launch of Imagine Marketing's flagship brand “boAt” in 2014, the company has consistently invested significant resources in enhancing the strength and appeal of the brand. It has done so by focusing on building its awareness, enhancing the appeal of products sold under the brand, offering products at affordable price points with a clear value proposition, maintaining a high quality of products sold under the brand and building consumer engagement pre and post sales. In addition to its flagship “boAt” brand, the company operate “RedGear”, one of the leading brands in the gaming headsets and controllers (keyboard, mouse, mouse pad, joystick) market as per the sales volume in the six months ended September 30, 2021 on the leading marketplaces (Source: RedSeer Report), “TAGG”, its premium audio and wearables brand, “Misfit”, its personal care and grooming sub-brand, and “DEFY”, its value-oriented audio brand.

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Imagine Marketing has made significant investments in its platform and expect to continue to invest and leverage its digital first capabilities as well as its strong consumer lifestyle brands to further build a portfolio of products across a wide range of attractive and high-growth consumer categories. The company believes that they are well-positioned to achieve this vision by leveraging the investments it made in its brands, its ability to understand and target India’s large, digitally savvy consumer base, its strong research and development capabilities for new product development and product re-engineering, and its strong and growing supply channel relationships. In FY 2021 and for the six months period ended September 30, 2021, Imagine Marketing launched over 77 and over 45 new products, respectively. In January 2022, it launched one of the first “Made-in-India” TWS with Dixon Technologies. The company has engaged with entertainment events such as Lakme Fashion Week and Sunburn Festival and collaborations, as well as with new-age influencers and celebrity icons with respect to its marketing initiatives.

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Imagine Marketing's management team comprises of a diverse group of industry professionals having deep commercial experience and expertise across various disciplines, including the consumer lifestyle and technology industry. Since the commencement of its operations, the company has built a culture of innovation driven by a commitment for developing quality products. Its founders and Promoters, Aman Gupta and Sameer Mehta have been working together since its inception in 2013, and have deep domain expertise, an impressive track record and have demonstrated an ability to successfully create, build and grow its business. The company is led by its CEO, Vivek Gambhir who has over 28 years of professional experience including with Godrej Consumer Products Limited (as the chief executive officer and managing director) and Godrej Industries Limited (as the chief strategy officer).

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Watch and Learn
All you need to know about Boat IPO
Watch this video to learn more about Imagine Marketing’s product portfolio, its flagship product ‘boAt’, key future strategies, as well as other important details.

Here are a few strategies Imagine Marketing has for its business:

  • Build on its market leadership positions in its existing core, fast-growing categories to accelerate growth

  • Expand its presence into other adjacent product categories either via its existing brands or brand extensions, by creating new brands or through acquisitions

  • Continue to invest in building its brands, including its flagship “boAt”, as well as its brand communities to enhance consumer engagement

  • Diversifying its supplier and contract manufacturer network and investing in its “Make-in-India” initiative

  • Investing ahead of the curve in its research and development capabilities and technology relationships to develop new and innovative products within existing as well as new categories

  • Expand into international markets primarily within its core audio and wearables categories

And finally here’s a look at key financials of Imagine Marketing Limited

Particulars (in Rs. million)

Imagine Marketing (boAt) is a digital-first consumer products company and is one of the largest Indian digital-first brands in terms of revenue from operations for the financial year 2021. Founded in 2013, and led by its flagship brand “boAt” launched in 2014, the company has established leading market positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smartwatch as of September 30, 2021 (Source: RedSeer Report).

As of September 30, 2021, for the second quarter of Financial Year 2022, Imagine Marketing ranked #1 in India among the wireless hearables brands by value and volume and #2 among smartwatch brands in India in terms of volume.

Going forward, the company has strategies to expand into international markets, continue to invest in building its brands including its flagship brand “boAt”, and diversify its supplier and contract manufacturer network.

Here’s a quick look at Imagine Marketing or boAt’s strengths, weaknesses, opportunities, and threats (SWOT):

Strengths:

  1. One of the largest Indian digital-first brands with leading market positions across multiple fast-growing product categories.

  2. Its flagship brand “boAt” is a consumer brand with strong market positioning.

  3. Its digital-first platform capabilities are targeted to enable growth and build a presence across multiple consumer categories.

  4. Professional, founder-driven management team with deep industry expertise and track record, and an experienced consumer products CEO.

Weaknesses:

  1. Heavily reliant on its relationships with certain online marketplaces and offline distributors.
  2. Pricing pressure from customers, online marketplaces, or distributors can affect company’s gross margins.
  3. Reliance on a number of third-party contract manufacturers and component suppliers for production of its products.
  4. For overseas procurement, the company is subject to geographical concentration and foreign currency exchange risks

Opportunities:

  1. Identifying fast-growing, lifestyle-oriented product categories with high consumer engagement and large market opportunities to disrupt the incumbent industry landscape.

  2. Entering new geographies/markets can be a compelling growth vector and can further contribute towards the growth of the business.

  3. Expand its presence into other adjacent product categories either via its existing brands or brand extensions, by creating new brands or through acquisitions.

  4. Increasing trend of customer spend on smart hearables and wearables.

Threats:

  1. The company operates in an industry with several competitors, including large and established ones, and it may fail to compete successfully against existing or new competitors, which may reduce the demand for its products and services. This may lead to reduced prices, operating margins, profits and further result in loss of market share across product categories.

  2. The company may face competition in other countries from companies that have more experience with operations in such countries.

Here are the steps to apply for Boat IPO:

Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.

Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.

Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.

Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.

Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.

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