BoAt Likely To Go Public In 2024: Aman Gupta
The startup ecosystem recorded a funding boom in 2020 and 2021. The unprecedented funding period was, however, followed by a funding winter. In the current year, the late-stage funding was minimal, whereas the early-stage rounds were among the headline makers.
"Money is still in the market, and good entrepreneurs are still getting it, but the time of free money is over," said Aman Gupta, CMO and Co-founder of boAt. He added, "Until 2021, everybody was getting funded, but it is over, and only the right businesses that have good unit economics and the right scale factors are getting funded, and it's all about profitability now."
boAt clocked around Rs 4000 crore in revenue in FY23. While speaking at BW Disrupt's Founders Forum 2023, Gupta shared that this year the loss was primarily due to investing in making the products in India. It should be noted that boAt used to import 100% of its products before 2020, but now the company has around 72 to 75 percent of products that have been manufactured in India.
On the scaling of the companies, he said that the initial scaling from 0 to 100 was the toughest part for us, and it is valid for other companies too, but after this, growing from 100 to 500 might be easy. On boAt's future, he said that we want to make 5000 crores of revenue this year, and we employ 6,000 people as of now, but we want to reach 20,000 in terms of employees. We already have a manufacturing plant in India. Moreover, he signaled that the company might go public in 2024.
