Anchors Of The boAT

Poles Apart. That is exactly how the two founders of the super successful consumer electronics brand boAt come across as we get them together on a Sunday afternoon in Mumbai.

The interview is at short notice. “Aman takes two flights a day,” quips the Communications Head accompanying the founders as they walk into their Mumbai Office in Andheri East.

With over 32 per cent market share in the consumer electronics space, and with revenues close to a staggering Rs 3,000 crore, boAt is now looking at category expansion at the back of recent big funding.

As we settle into the conversation, Sameer Mehta, Co-founder and Chief Product Officer, camera shy, reticent and with an absolutely business-like, no-nonsense kind of aura around him, opens up about the first meeting with Aman Gupta, Co-founder & CMO boAt.

“Some random guy thought that it would be good for us to meet and I remember we met at Taj Lands End. That was the start of the journey and we have not looked back ever since,” recalls Mehta.

We pose the same question to Aman Gupta. He, however admits to having had doubts about this partnership.

“Even when we met for the first time we had our doubts about this partnership. I had an old company which did not do well and Sameer also had a ‘not-so-pleasant’ equation with his past co-founder. Somehow, it clicked well as we discovered some mutual synergies,” says Gupta.

The two founders have their roles cut out. Mehta is based out of Mumbai and looks at operations, logistics, products, finance etc., while sales and marketing report to Gupta.

It’s not always as hunky-dory and cool as it looks. The two founders have their share of conflicts, arguments and showdowns, but it never gets out of hand, as finally the brand’s interest takes over.

“Conflicts do occur but we always address those conflicts keeping in mind the best interest of our brand. BoAT is our baby. We do what is best for the baby. Every relationship has conflict, arguments and a whole lot of issues to deal with, but as long as the objectives are the same; which is to make this a world-class company, that helps us resolve our issues and navigate through the differences,” says Mehta.

While startups these days are making headlines for historic losses, the funding ecosystem is also going through a “winter” of sorts. Chasing valuations has hurt the ecosystem beyond repair, lay-offs are reported every second day. Amidst all this, the boAt brand has not just managed to anchor itself, but raised a capital of Rs 500 crore, braving the odds.

According to the founders, there were times when there was excess capital in the system and everybody was getting funded, but that has changed now. “As long as all the key parameters of your company are on spot, I think money is available, people are ready to put money behind good brands and that is what we believe we have done,” explains Mehta.

While we break for coffee and order rolls, Aman Gupta explains the need for constant innovation and how they ensure that boAt stays on top of this game.

“Our R&D team is stationed within the boAT ecosystem and there is a continuous innovation engine that is working there. Through that we are able to bring our quality products for the consumer. If you don't innovate, you will become irrelevant, especially in this fast moving technology world. You need to keep up the game because the consumer is changing. You have seen companies that stopped innovating and they are no longer relevant.”

The only similarity we could notice between the two founders is their emphasis on ‘humility’. It is almost like a strategic mindset they have adopted which “keeps them grounded and helps them stay the course.”

The conversation drifts to some recent claims that boAt is not manufactured in India and that it's actually a ‘Made in China’ brand.

“People still question what we do – I would just use the Hindi song–‘Kuch toh log kahenge logon ka kaam hai kehna’,”says Gupta.

“We made one crore units in one year and this is something we are very proud of, and 80 to 85 per cent of our watches are Made In India now,” he says. “There is an overarching support on all sides of the government to make 'Make in India' a reality,” Gupta points out.

He also has a word of advice for founders. “The path to profitability is very critical and gone are the days when people would buy market shares. For early startups too, I would say don't get into the race of valuations, instead, build a strong sustainable company, keep your head down and work hard,” was his advice to would-be entrepreneurs.