Domestic Wearables Maker Boat's Parent Firm In Talks To Raise Funds
Homegrown wearables maker Boat's parent firm Imagine Marketing India is in talks with investors to raise funds.
Homegrown wearables maker Boat's parent firm Imagine Marketing India is in talks with investors to raise funds. According to the company's CEO Sameer Mehta, the the audio tech startup has no "pressing need" for capital at the moment, says a report by Economic Times (ET). He, however was quoted as saying: "There is some inbound interest from a large global fund, a sovereign fund, and one strategic investor. It’s still early days, and we are not desperate."
The co-founder stated that Boat is currently focused on enhancing its financial metrics and achieving profitability in the current fiscal year (FY25). Mehta also mentioned that the startup became EBITDA profitable in the fiscal year 2023-24 (FY24) and aims to return to net profitability in the ongoing fiscal year.
Notably, in FY23, the homegrown wearables maker experienced its first net loss, reporting a deficit of Rs 129.4 crore compared to a net profit of Rs 68.7 crore in FY22.
Regarding Boat's initial public offering (IPO) plans, the CEO stated that the company intends to go public only after achieving profitability in FY25. He also mentioned that the startup aims to raise Rs 2,000 crore through the IPO within the next 12-18 months.
Meanwhile, Boat recently made a new addition to its Airdopes Series of TWS earbuds with the unveiling of the Airdopes 800. This launch comes soon after the debut of the Storm Call 3 smartwatch.
A standout feature of these TWS earbuds from Boat is the inclusion of Dolby Audio support in this price range. With an in-ear design housing 10mm titanium drivers and Boat Signature Sound technology, they provide an immersive listening experience. Powered by Quad mic ENx Technology, these earbuds ensure improved call quality.
The Airdopes 800 claims to deliver an exceptional total playtime of 40 hours. With its ASAP Charge Technology and Type-C charging, just five minutes of charging gives you 100 minutes of playtime. It also boasts a 50ms low latency mode, supports voice assistants, and offers adaptive EQ modes.
The Boat Airdopes 800 feature 10mm titanium drivers, promising studio-like precision. They are touted to be the first in their segment to offer Dolby Audio-backed sound, delivering a cinematic audio experience. Additionally, the earphones are equipped with four AI-backed microphones supporting Environmental Noise Cancellation (ENC) to ensure clearer call quality by eliminating distracting background noises.
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