Bollywood actor Ranveer Singh has invested an undisclosed amount in audio wearable brand boAt. He has also been signed on as the official face of the brand’s audio products.
“Ranveer’s infectious energy and passion for music resonate perfectly with boAt’s core values,” said Aman Gupta, Co-founder and CMO of boAt.
“His investment and strategic involvement validate our mission to revolutionise the audio experience in India. Together, we’ll push boundaries, redefine sound, and create a community that thrives on passion and innovation.”
As part of the deal, the actor will feature in an upcoming campaign for ‘Nirvana’—boAt’s sub-brand of premium audio products, said the company in a statement. Singh will also become a key stakeholder in the brand’s future, added the company.
In FY23, the wearable brand achieved its posted its best-ever revenue of Rs 3,377 crore. However, despite being profitable for eight consecutive years since its establishment, the company incurred a loss of Rs 129.4 crore in FY23, due to business development and advertising costs.
Revenue growth also tapered down to around 18% YoY, compared to the 133% average revenue growth it had achieved during the previous three fiscal years.
After postponing its plans for a public share sale due to stock market fluctuations, Imagine Marketing Limited, the parent company of boAt Lifestyle, is now looking at an FY25-FY26 timeframe for the initial public offering.
Source: YourStory
