BoAt Sails Towards Higher Growth: Steers Focus on Software Innovation and Offline Expansion Robust Sale Growth and Expansion Plan India's leading wearables brand, BoAt, has announced record net sales of approximately Rs 4000 crore ($500 million) in FY2023, marking a 20-22% growth over the previous fiscal year. Leveraging its stronghold in audio products and recent boom in smartwatches, the company now targets an ambitious addition of Rs 1,000 crore to its revenue this fiscal Year. Manufacturing And Local Procurement Co-founder Sameer Mehta said, "The company assembled around 15 million products in India, including 70% of its audio products and around 98% of its smartwatches." This reflects a steadfast commitment towards promoting indigenous manufacturing. The company plans to source most of the components for audio products locally from India, including mechanics, plastic molds, speaker drivers, and batteries. BoAt has partnered with a host of contract manufacturers, including Dixon Technologies, to accelerate its manufacturing prowess. The joint venture is expected to be operational later this year. Despite the increasing local production, the company still relies on Chinese design houses for conducting design and engineering verification tests. Innovation through Strategic Partnership As part of its strategy to enhance the value of its products, BoAt is seeking partnerships with industry giants such as Qualcomm, Dolby, and Dirac. This will particularly benefit the company's audio product line, which accounts for 70% of its revenue and saw a phenomenal 82% year-on-year growth in Q1 2023. Transition from Hardware-First to Software Ecosystem Sameer Mehta hinted at a strategic shift for the company's smartwatches, moving from a hardware-centric model to a more comprehensive software-based ecosystem. This transition aims to make the watches more than just step counters and heart rate monitors, by introducing features related to health and wellness as part of a broader IoT play. To bolster its software capabilities, BoAt acquired the Singapore-based KaHa platform in May 2022. Since then, it has launched a range of innovative features, such as a reward platform for meeting health goals, which has also been updated in some of its older wearable. Growth Amid Competition Despite the ongoing expansion and market penetration of rivals like Fire-Boltt, BoAt plans to carefully craft its strategy before venturing into overseas markets. Mehta emphasised the need to establish the brand beyond simply shipping products to new markets. Conclusion BoAt's unwavering commitment to the 'Make in India' initiative, coupled with aggressive investment in software and application development, positions it well for continued success. With a distinctive strategy and dedication to product quality, BoAt is set to sail smoothly in the competitive waters of India's wearable mark https://unlistedzone.com/shares/boat-unlisted-share-price/