Comments
Homegrown consumer electronics company Boult aims to nearly double its revenues in FY24 to ₹1,000 crore on the back of offline expansion and strengthening its presence in newer categories. The company, which is building its presence in smartwatches, has next set its sight on foraying into home audio and IoT connected devices segments.
Varun Gupta, Co-Founder, Boult told businessline, “We closed last fiscal with gross revenues of ₹500 crore. We expect to continue with strong growth momentum and end this fiscal with a topline of ₹1,000 crore. We expect to garner about ₹600 crore from audio segment, about ₹300 crore from smartwatches segment and about ₹100 crore from newer categories.”
Also read: Garmin Instinct 2X Solar Review: A ‘sun-sational’ smartwatch for adventure junkies
The digital-only brand is betting big on building its offline distribution this year.
“Offline distribution will be a key focus for us this year as it will help us reach out to new consumers and strengthen our presence, especially in smaller towns and cities. We are focusing on building strong distribution across large format stores, modern trade as well as general trade stores. We plan to be live at about 3,000 outlets by the end of the year,” he added.
The brand, which is known for products such as TWS earbuds, headphones and smartwatches, expects 12-15 per cent of sales to come from offline channel in the first year.
Scaling up
Boult forayed into smartwatches last year and has aggressive plans to scale up this business this fiscal. At the same time, it is looking at venturing into other white spaces. “We do not want to be complacent and want to keep looking at newer categories. So we plan to foray in the home audio segment by August this year. We are also looking at launching IoT-backed connected home devices and home security,” Gupta said.
About 40 per cent of Boult’s products are made in-house at the company’s own factory while 60 per cent of its products are made by India-based contract manufacturers. “We are in the process of scaling up our in-house manufacturing capacity from three lakh to 4-5 lakh units. We are moving to a newer manufacturing facility at Manesar, Haryana,” he explained.
Boult has also forayed into markets such as US and UK and has mapped out five other international markets to expand its presence.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.