BOAT ELEVATES CEO TO CHAIRMAN POSITION AND PROMOTES CO-FOUNDER TO CEO & MD ROLE, DELAYS IPO PLANS
Written by Gulshan Parveen
Highlights
- Gambhir has taken on a new position at boAT, where he will be responsible for overseeing a variety of key areas including strategy, organizational development, culture, and future growth.
- Before joining boAT, Gambhir served as a whole-time director at Godrej Consumers Products and was also a partner at Bain & Company.
- Meanwhile, Sameer Mehta has an entrepreneurial background having founded two successful companies – Imagine Marketing and Redwood Interactive – before joining the team at boAT.
According to PTI, boAt, the D2C electronics brand, has made some significant changes to its leadership team. CEO Vivek Gambhir has been appointed as the new chairman of the company, while Sameer Mehta, one of the co-founders, has been promoted to the roles of CEO and Managing Director. Gambhir’s new responsibilities include overseeing strategy, organizational development, culture, and future growth for the company.
In this context, Sameer released a statement saying, “In early 2021, we approached Vivek to join and guide us in our scaling-up journey and prepare us to think and act like a bigger company rather than as a startup. The past several years have been a period of significant learning and growth with Aman and I working closely with Vivek to run the company.”
Gambhir, who is now a part of the boAt team, previously held positions as a whole-time director at Godrej Consumers Products, as well as a partner at Bain & Company. Meanwhile, Sameer Mehta, who is another key member of the boAt leadership team, has a background in entrepreneurship having founded two successful companies – Imagine Marketing and Redwood Interactive. Additionally, his LinkedIn profile indicates that he previously served as an executive director at Kores (India) Ltd.
“We are now the number two company globally in the wearables (earwear and smartwatches) space in addition to being a leading brand in multiple categories in India. It is a matter of great pride that a brand born in India is now among the top brands in the world. And I am excited about the next phase of boAt, under the co-founders’ visionary leadership,” Gambhir said.
In the 2021-2022 financial year, boAt achieved a profit of INR 68.7 Cr, which was accompanied by a significant surge in revenue of 117.5%, totaling INR 2,886.4 Cr. In the same financial year, boAt’s sales also grew by more than double, reaching INR 2,872.9 Cr.
According to a report by the International Data Corporation (IDC), boAt was the leader in the Indian wearables market in Q3 2022 with a 32.1% market share. Additionally, the company held a 41.7% market share in the true wireless (TWS) earphones category and a 19.1% market share in the smartwatches category during the same period.
Although boAt had previously planned to launch an INR 2000 Cr IPO, the company has decided to delay its public listing due to the underperformance of new-age listed startups in Indian bourses. This decision aligns boAt with other startups such as PharmEasy, Udaan, and MobiKwik, who are also postponing or withdrawing their IPO plans in response to the current market scenario.
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