Boult, which started operations in 2017, has seen its revenues doubling to Rs 800 crore in two years in FY2025, is aiming to cross the Rs 1,000 crore mark in FY26 on the back of average selling prices expected to cross over Rs 2,000, from Rs 1200 currently, Gupta said.
The bootstrapped wearables brand reported a net profit of Rs 2.5 crore, amidst intensifying competition as it saw its marketing and customer acquisition costs rise. Following the rebranding exercise, Gupta is targeting its net profits to cross Rs 10 crore in the next fiscal.
The company is renaming itself to GoBoult, with the aim to shift its image from being a value-for-money brand to a more premium, youthful, contemporary brand image.
“We are changing the way we think, operate, and build. GOBOULT is a brand that aligns with and is prepared for the pace and personality of the next generation. The rebrand reflects our commitment to moving faster, thinking bigger, and taking Indian innovation global,” Gupta said.
Gupta said that despite the overall wearable and smartwatch segments declining in double digits and the truly-wireless audio segment remaining flat, Boult has not seen its growth slow down. It remains in the top five brands for both audio and smartwatches in the March quarter, according to IDC.The company aims to move into higher ASP categories, by launching premium products and forming partnerships with legacy brands. Boult currently has a partnership with US auto brand Mustang. It is also partnering with Dolby for audio products.“We are the only bootstrapped and profitable player among the top five in the wearables industry. This shift is crucial because ASPs in the category have been declining, leading to lower gross profitability for the industry,” Gupta told ET.
As part of its rebuild, the company wants to aggressively tap into offline retail, something which Gupta said was being hampered by its rival brands which had a higher market share in the offline space.
“We encountered unfair practices from competition when we first started tapping into offline channels in February-March 2024. Some of our competitors, who had been in the space for 8-10 years and much larger in scale were pushing retailers not to stock our products,” Gupta alleged.
These hiccups, though, have now been solved, he said, adding that the company products are now available across 1,000 offline stores. It has now hired over 30 people for offline sales, with over 38 distributors and over 100 people out in the streets building its retailer network. The aim is to expand to 30,000 counters within the next 18 months, Gupta said.
“The offline channel currently generates around Rs 5 crore in revenues every month. The goal is to increase it to a monthly Rs 25 crore. The largest player in the offline space is doing Rs 100 crore a month,” Gupta added.
