Boat is an Indian electronics company founded by Mr. Aman Gupta and Mr. Samir Mehta. It was incorporated in the year 2013. The headquarters are in Delhi.
The company has received total 5 rounded of funding till date (2022 March) sand is valued at around $300 millions. Currently it has yearly revenue totally $206 millions (approx.).
Products sold under Boat branding are –
All these products are quite affordable by Indian standards.
The initial funding of Boat was Rs. 30 lacs contributed by the founders.
Currently they sell about 14000 – 15000 units daily and has a customer base of about 2 millions.
The USP of Boat was created with anti-destruction cable charger for Apple. Cusomers were facing trouble with charger cables getting damaged without any obvious reason. Boat entered the market with cables that were anti-destructible and gained market share repidly.
It was by solving a unique customer problem that Boat gain customer share.
Later the company expanded its product offerings to include headphones and earphones. These products too gained a lot of popularity because these were affordable and lasted for a long time. People could also use them in fitness centres while jogging or doing any excercise and they worked perfectly.
The primary target market of Boat were the youths. This demographic of users wanted indestrutible produtcs that lasted after rough usage and at affordable rates.
Boat provided them exactly what they needed. The target market were happy to lap up Boat products as alternatives were either too costly or did not last as long as Boat products.
The main advertising strategy of Boat was to use celebrities for endorsing their products.
Boat used young, successful and glamourous Indian celebrities to showcase their products. This was to esblish a rapport with the Indian youth who followed these celebrities blindly.
This strategy worked well and soon the young Indian was a fan of Boat’s!
Boat used celebrities from different walks of life – flimstars, TV personas, musical superstars and sportpersons all contributed to Boat being a household name in India.
Some of the noted celebrities who participated in Boat bandwagon are – cricketers Virat Kohli and Shikar Dhawan, bollywood stars Kiara Advani and Kartik Aryan, singing sensations Neha Kakkar and Diljit Doshanj etc.
Apart from associating itself with celebrities, Boat also collaborated with various organisations to promote its brand. LakeMe Fashion Week, Bira 91 are prime examples.
Boat has developed and maintained a pricing strategy that is appealing to the youths. The company has priced its products neither cheap nor too costly.
The prices are just in between and fit nicely into a category that people having a budget would love!
This strategy has worked wonders overs the years and Boat has attracted young people in drives who have budget limitations but want a quality product.
Boat is 5th largest wearable electronics company in the world and is ranked 1st in India. Boat sells its products through Amazon and Flipkart. It also sells products through its official site.
Boat claims to sell experiences through their products. Being afforable young users can relate quickly with the experience part.
There are very few Indian manufacturer in the headphone space. Headset and earphones are something that lets you enjoy music privately. The feeling of music having as you companion can not be beat by any other thing. Boat tries to give mostly the young user a companion in music through its products.
The success of Boat is a combination of multiple factors. First the young users base in India is huge. Only focusing on this segment was genius ides.
Not only that it has targeted the market successfully with its products. The aspirations of Indian youth as long as music is concerned is fullfilled through the various Boat products offered at affordable range.
Secondly the adverting has been massively successful. Using glamourous and representational models for the youth has been a masterstroke.
They have not gone for very very successful but older influencers but the ones who represent youth. Their growth in the target market is a testimony of how this influencer marketing has worked wonders for them.
The final thing is the quality of their products. They entered the market as anti-destructive and long lasting and has been able to maintain that without compromising of quality. A Boat headset works trmendously well even after many times of heavy usage in testing conditions like vigorous workout, gym sessions, fitness regimes etc.
The trends are good for Boat. They are planning to bring in an IPO soon. If they can mainting their lead over competitors in the coming years, the shares are certain the reflect that.
And it is probably safe to say that they are in good hands in Mr. Aman Gupta who is certainly a visionary with shrewd business acumen.
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