Imagine Marketing to Expand Local Manufacturing for Global Expansion

According to a report, Imagine Marketing, the parent company of wearables brand boAt, has finalised plans to become a made-in-India global lifestyle brand by expanding its overseas reach.

The company has received regulatory approval for a Rs 2,000 crore public offering, with Rs 900 crore being a fresh issue and the remaining Rs 1,100 crore being an offer-for-sale.

According to a report, it expects to manufacture 60 lakh units (nearly doubling its current output) in the first half of FY23 as part of its make-in-India strategy, and to scale it further as demand and market reach grow, allowing it to launch products faster and at lower prices.

Imagine Marketing, founded in 2013 in Mumbai by Aman Gupta and Sameer Mehta, offers a product portfolio that includes everything from audio gear and smart wearables to personal grooming products and mobile accessories.

According to IDC India’s monthly wearable devices tracker for August 2022, it has held the top spot in the overall wearables category for the third consecutive year, with over 40% market share.

Gupta stated that Imagine Marketing intends to expand into international markets primarily through its core audio and wearables categories. It is also looking to diversify its supplier and contract manufacturer networks and invest more in this initiative, he added, without going into specifics about funding.

According to Gupta, the company already has strong relationships with established technology participants such as Qualcomm, which is also a shareholder, Bharat FIH (a Foxconn Technology Group company), Google, Dolby International AB, Airoha Technology Corp, and Realtek Semiconductor Corp.

He added that the company’s contract manufacturers can source technology and components for manufacturing. boAT sells its products under the Rockerz, Bassheads, and Airdopes brands. Power banks, charging cables, and power bricks are also available.

Watch-based wearables are the company’s fastest-growing product category, with a 145 percent year-on-year increase. Gupta attributed the rapid growth to the ease of availability, affordability, improved features and functionalities, innovative designs, and low-latency gaming mode. The company has a strong omnichannel strategy, making its products available on platforms such as Amazon, Flipkart, Myntra, Paytm, and others. The brand is also sold in over 20,000 stores nationwide, including Vijay Sales, Croma, and Reliance Digital.