In Q4, boAt’s wearable market share dipped to 23.9%, yet it embraces the challenge posed by new brands.
Renowned as a Shark Tank India judge, Aman Gupta co-founded boAt, an inspirational success story. Gupta thrives on competition, using it as a driving force for innovation. In a recent interview, Gupta emphasizes the opportune climate for entrepreneurs, urging relentless hustle for triumph.
During a recent interview, Gupta shared insights on boAt’s triumph and advice for budding entrepreneurs.
“A superior product with customer value is pivotal,” Gupta affirms, aware of India’s price-conscious market. He acknowledges that aspiration runs deep in Indian consumers; catering to their desires, akin to higher income brackets, fosters success. The strategy lies in superior quality, aspirational branding, and consumer-centricity, ultimately propelling boAt’s trajectory.
About Aman Gupta
Delhi University. Furthering his education, he honed financial skills at the Institute of Chartered Accountants from 1999 to 2000.
Following a two-year stint at Citi Bank, Gupta’s entrepreneurial journey began in 2005. Through his company, Advanced Telemedia Pvt Ltd, he introduced renowned international brands like Telex, Sennheiser, and Beats Audio to the Indian market.
A pivotal turn arrived in 2011 when he joined KPMG’s Strategy Services Group as a senior management consultant. That same year, he earned an MBA from Kellogg School of Management. Gupta then embraced the role of director of sales at HARMAN International, spearheading business development for Micromax, Nokia, Apple, and others.
Fast forward to 2016, Gupta co-founded boAt with Sameer Mehta, cementing his status as a successful entrepreneur in the audio industry.
boAt’s success so far
In a remarkable journey, boAt achieved INR 100 crore in sales within two years of its establishment. Their debut product, an Apple charger, garnered significant popularity. By 2019, boAt established dominance in the earwear sector, while Aman Gupta’s prowess earned him the title of Entrepreneur of the Year in the Consumer Durables category. Presently, India proudly hosts nearly 5000 boAt flagship stores, effectively reaching an impressive customer base of nearly 20 million individuals.
Aman Gupta’s financial philosophy prioritizes earning over extravagant expenditures, ensuring boAt’s sustained profitability. Since its inception, boAt has remained committed to delivering products that are not only stylish but also cost-efficient and durable, driving its profit-oriented approach. In 2020, the company achieved global recognition by ranking as the fifth-largest wearable brand, further solidifying its influence. The endorsements of well-known personalities like cricketers Hardik Pandya and KL Rahul, alongside actress Jacqueline Fernandez, contributed to its success.
The entrepreneurial spirit in India
Aman Gupta acknowledges the emergence of competitors like Fire Boltt, Noise, Gizmore, and Boult. He finds healthy competition with Indian brands inspiring, just as they triumphed against global players in the past.
boAt’s focus remains steadfast on the smartwatch category. Gupta sees an impending transformation in the Indian market, akin to the headphone market disruption they achieved earlier.
Having judged Shark Tank, Gupta perceives India as a nation of entrepreneurs. He believes entrepreneurship’s significance is growing, marking a positive phase ahead.
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