Bollywood Star Ranveer Singh Ventures into Audio Tech, Invests in boAt

Bollywood Star Ranveer Singh has recently invested an undisclosed sum in boAt, the popular audio wearable brand. This collaboration extends beyond a financial alliance, as Singh is set to be the official face of boAt’s range of audio products.

Aman Gupta, Co-founder and CMO of boAt, expressed enthusiasm about the collaboration, stating, “Ranveer’s infectious energy and passion for music resonate perfectly with boAt’s core values. His investment and strategic involvement validate our mission to revolutionize the audio experience in India. Together, we’ll push boundaries, redefine sound, and create a community that thrives on passion and innovation.”

As part of this partnership, Singh is slated to feature prominently in an upcoming marketing campaign for ‘Nirvana,’ boAt’s sub-brand that specializes in premium audio products. This move not only solidifies Singh’s connection with the brand but also positions him as a key stakeholder in boAt’s future endeavors.

Despite achieving its best-ever revenue of Rs 3,377 crore in the fiscal year 2022-23, boAt reported a loss of Rs 129.4 crore for the same period. The loss was attributed to significant investments in business development and advertising costs. The company, which has been consistently profitable for eight consecutive years, experienced a slowdown in revenue growth to around 18% YoY, in contrast to the remarkable 133% average revenue growth over the previous three fiscal years.

Originally planning a public share sale, Imagine Marketing Limited, the parent company of boAt Lifestyle, postponed its IPO due to stock market fluctuations. The company is now eyeing an initial public offering in the FY25-FY26 timeframe.