Indian consumer tech brand BOULT is planning to go public next year with a revenue benchmark of
Rs 1,000 crore this financial year, as it expands into international markets and new categories. According to PTI report, the company’s co-founder Varun Gupta says, “We are not focusing on IPO this year, our first focus is on offline market, international geography and entering new categories.” The young entrepreneur said that the company has set an internal benchmark for itself before going public.
Gupta said, “We have an internal benchmark, only when we achieve revenue of Rs 1,000 crore, we want to go for IPO. Technically we are eligible for IPO today because we are profitable and comfortably earn Rs 500 crores. But we have an internal milestone of Rs 1,000 crore and only then we will consider ourselves eligible for it (IPO).” He further said that the bootstrapped brand is expected to close FY 2023-24 at a touchdown of Rs 650-700 crore, hopefully.
The Target of Rs 1,000 crore
The company’s co-founder says that we are looking at a target of Rs 1,000 crore in FY25, which is a very reasonable target given our entry into new categories, our growing presence in TWS (True Wireless Stereo), Which is the biggest category for us. He said that the third is to be offline as a channel and thus become an international channel.
There is competition with these companies
The homegrown company, which has competitors like boAt and Noise, expanded its reach to offline retail stores around October last year. Talking about Boult’s biggest competitors, Gupta said that they are large-scale brands. “We have positioned ourselves as a mass tech or mass premium brand.
Our price points are about 10 percent higher on average. We do not want to engage in a race for market share and thus continue to drop prices and undercut in terms of product and customer experience. The founder acknowledged boAt as Boult’s biggest competitor. In the smart watch segment, he took the names of Noise, Firebolt and boAt.
The idea is to make it accessible and available to customers at 20,000 points of sale within the country for accessibility, availability and credibility, Gupta said, because when a customer sees the product in an offline store, it gets a lot of credibility. “We are proud of the fact that we have entered every state in India, we are present at more than 4,000 points of sales.”
