- ByStartupStory | April 29, 2024
In an exclusive interview with PTI, Varun Gupta, co-founder of the Indian consumer tech brand Boult, revealed the company’s ambitious plans for global expansion and its roadmap towards an initial public offering (IPO) in 2025. Boult, known for its innovative audio products and commitment to quality, aims to achieve a revenue benchmark of ₹1,000 crore in the fiscal year 2024-25 before going public.
Mr. Gupta emphasized that while Boult is currently profitable with revenues comfortably over ₹500 crore, the company has set an internal milestone of ₹1,000 crore before considering an IPO. He outlined the company’s strategic focus on expanding into offline markets, international geographies, and new product categories in the coming year.
“We are not focusing on an IPO this year,” Mr. Gupta stated. “Our primary focus is to establish ourselves in offline markets, expand internationally, and diversify into new product categories, with the aim of reaching a ₹1,000 crore revenue milestone by FY25.”
Boult’s growth strategy includes strengthening its presence in the True Wireless Stereo (TWS) segment, expanding its offline retail footprint to 20,000 points of sale across India, and venturing into international markets such as the U.S., U.K., and Nepal. The company’s next targets include entering Europe by July 2024, Australia post-Diwali, and Africa by the first half of 2025.
“We have penetrated every state in India and are live at over 4,000 points of sales,” Mr. Gupta proudly noted, highlighting Boult’s widespread accessibility within the country.
Boult distinguishes itself by focusing on in-house product design, manufacturing, and assembly, with 99% of its products made in India. Mr. Gupta emphasized the company’s commitment to quality and differentiation, stating, “We are the only firm that does 100% in-house product designing. Everything from design to ergonomics is done in-house, ensuring uniqueness and differentiation in our products.”
Despite being a bootstrapped company, Boult has gained traction through its product-centric approach rather than heavy marketing spends. Mr. Gupta stressed the importance of product quality and customer experience, positioning Boult as a “mass tech” or “mass premium” brand with a competitive edge in the market.
Acknowledging boAt as its biggest competitor, Mr. Gupta highlighted Boult’s strategy of maintaining slightly higher price points to uphold product quality and customer satisfaction.
With the planned expansion into new markets and product categories, Boult is poised for substantial growth, aiming to capture a significant share of the global consumer tech market.
“We have a clear vision to make in India for the world,” Mr. Gupta concluded. “Our goal is to create a top technology brand that makes the nation proud.”
As Boult continues to push boundaries in the consumer tech space, investors and industry observers eagerly anticipate its journey towards the ₹1,000 crore revenue milestone and subsequent IPO in 2025.
