Boat Shareholders Breakdown & Funding Valuation – 2024

boAt shareholders breakdown

boAt is a revolutionary lifestyle audio brand in India. This brand offers an incredible range of wireless earphones, earbuds, headphones, etc. Apart from that, you also get various electronic wearable devices like smartwatches and smart bands at affordable prices. Although its revenue doubled, its profits shrank in FY 22. But it didn’t lose its spot of being the most popular audio brand in India. According to the latest reports, its market valuation is Rs.9,840 crore. In this article, we will delve into boAt shareholders breakdown & funding valuation.

boAt shareholders breakdown

Shareholders Breakdown

As of now, boAt has undergone 7 funding rounds. Their latest funding was raised in Oct 2022. And that too from a convertible note round. It is a short-term debt with an investment tool. You can consider it like a special short-term loan. Some of the major shareholders are South Lake, Aman Gupta, etc. You can have a quick look at the recent shareholding structure of boAt.

Shareholder’s NamePercentage of Shares Owned
Aman Gupta28.26%
Sameer Mehta28.26%
South Lake36.48%
Fireside Ventures3.76%
Qualcomm Ventures2.60%
boAt shareholders breakdown

Fundings so far & Valuation

Did you know that this D2C audio brand got massive funding from Warburg Pincus and Malabar Investments in October 2022? This financing was done through convertible preferred stock notes for existing investor Warburg Pincus and new investor Malabar Investments. Thus, whenever boAt will close its next round for funding or IPO, the convertible fund round will come into play. The investment fund giants Warburg and Malabar will get these preferred stocks converted into equity. The business valuation will be worth over $1.2 billion.

(Note: boAt is not the only one to raise funds through convertible notes! Udaan, Byju’s, and PharmEasy are some of the key players too.

The matured startups are using convertible notes to raise capital without compromising on their valuation. It is useful, especially in the funding winter of Indian startups.

Venture CapitalistFunding Amount (in crores)
Qualcomm VenturesRs.50 crore
Warburg PincusRs.820 crore
InnoVen CapitalRs.25 crore + Rs.16 crore
Navi TechnologiesRs.20 crore
Fireside VenturesRs.6 crore
Lead Investors in boAt

Is BoAt Profitable?

Profitability is a matter of concern especially when most of the startups are tackling the funding winter and booming losses. Don’t you wonder whether boAt is profitable or not despite being valued at Rs.9,840 crore?

Here’s a quick look at boAt’s financials which tells its profitability story. –

BoAt’s FinancialsAmount (in crores)
Market Valuation Rs.9,840 crore
Revenue EarnedRs.2,873 crore
ExpensesRs.2,737 crore
Profit/LossProfit of Rs.68.7 crore
boAt’s financials FY22

So, here is your answer- “boAT was profitable in FY22 with profits worth Rs.68.7 crore.” But last year boAt’s profits were Rs.86.5 crore. Its profits dipped to 20.6% from FY21 to FY22. Though it efficiently managed to keep its cash outflow lower than the amount of revenue earned. 

Revenue Earned

BoAt earned revenue from the following sources-

Revenue SourcesAmount Earned
Sale of Audio DevicesRs.2,276 crore
Sale of WearableRs.515.5 crore
Other Operating IncomeRs.81.5 crore
boAt’s Revenue FY22


Now look at the following expenses that led to the profits for the company “BoAT.”

Cost of Materials ConsumedRs.2,346 crore
Warranty Claim ExpensesRs.136.60 crore
Advertising & Promotional ExpensesRs.99 crore
Employee Benefits ExpensesRs.56.12 crore
Freight & Transportation ChargesRs.43.32 crore
Other ExpensesRs.105.36 crore
boAt’s Expenses FY22

Final Thoughts

BoAt gained a significant amount of funding from various venture capitalists like Qualcomm Ventures, Warburg Pincus, etc. boAt shareholders include six major names including the founder (Aman Gupta). Also, it earned a good amount of revenue that was conferred in its profits. Now it is planning to launch new audio products with Qualcomm chipsets. It is looking to raise the company’s local manufacturing and R&D capacity in India. It massively invested in the creation of its own in-house boAt lab. All these efforts will help it to scale up its channels in India as well as abroad.

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Published By: Supti Nandi
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