Delhi-based headphones and audio products brand boAt continued to dominate the hearables (True Wireless Stereo) market in India during January-March 2021, with a 28 per cent market share, as per a report by Counterpoint Research. One Plus was at a distant second spot, with a 13 per cent market share.
boAt grew 576 per cent year-on-year (YoY) in the quarter, capturing three spots in the top five models list for shipments during the March quarter, contributing to almost 50 per cent of the shipments of the top 5 models.
As per market intelligence firm Kalagato, the reason behind the five-year-old company's growth is providing quality products at affordable prices.
"A key USP for boAt is providing (justifiable) value at the right price point...BoAt provided a bridge to premium brands - with high-tech features made accessible to the "average" Indian," Kalagato co-founder and head of business Aman Kumar said in a post on Medium.
Founded in 2016 by Aman Gupta and Sameer Mehta, boAt had a 37 per cent market share in the Indian personal audio products market in 2020, as per Kalagato, with realme at second spot with 8 per cent share.
The company's marketing tactics have also helped it in gaining traction among the youth. It partnered with popular designer Masaba during Lakme Fashion Week 2020 to unveil its colourful headphones designs.
"Lakme Fashion Week is the Mecca of fashion in India and as a lifestyle brand, it became an ideal platform for us to partner and showcase our authority when it comes to stylish consumer electronic products," Gupta had said in an interview to BW Disrupt.
Besides, boAt also signed various Bollywood stars and cricketers to endorse its products and partnered with six Indian Premier League (IPL) teams, which further helped establish its presence. The company was able to raise $100 million in January this year in a funding round led by private equity firm Warburg Pincus.
Going ahead, the company is also looking at "delinking" from China and bringing manufacturing to India.