boAt, the consumer electronics unicorn, reported a net profit of ₹60 crore in FY25. This is a turnaround in its numbers. The Gurugram-based D2C electronics and gadgets brand has managed to cut losses and streamline costs. This signals strength in the Indian D2C space, where growth is becoming as important as revenue.
boAt’s revenue was ₹3,073 crore in FY25, a small drop from ₹3,118 crore in FY24, as the company controlled costs. Including non-operating income, total revenue reached ₹3,098 crore. The main direct-to-consumer India business—driven by audio products such as earbuds and speakers—remained the engine, contributing ₹2,586 crore, up 5% year-on-year. The wearables segment dropped 40% to ₹330.4 crore.
India drives boAt’s growth, contributing ₹3,050 crore in sales. International revenue jumped 44% year-on-year, crossing ₹20 crore. This shows the brand’s plan to grow beyond India, while staying focused on the D2C business here.
boAt reduced overall expenses by 6% to ₹3,040 crore, mainly from an 8.9% cut in stock-in-trade purchases, which fell to ₹2,070 crore in FY25. Despite the cost cuts, ad spending grew by 7% to ₹390 crore, showing the brand’s focus on influencer marketing and consumer engagement in India’s D2C electronics and gadgets market. Employee costs rose slightly to ₹135 crore, showing continued investment in talent.
Since starting, boAt has raised over $170 million from investors, including a $60 million round in 2023 led by Warburg Pincus and Malabar Investments. Other backers include Fireside Ventures and Qualcomm, with Warburg Pincus as the biggest external stakeholder. This VC participation puts boAt among the top funded D2C brands in India.
The brand’s biggest news is its upcoming IPO. Parent company Imagine Marketing has received SEBI’s approval for its confidential DRHP, making boAt ready to become the first Indian D2C electronics brand to go public. The company wants to raise ₹2,000 crore through the IPO, including a fresh issue of ₹900 crore. This could set a new standard, growth of India’s direct-to-consumer space.
As D2C startups compete for scale and profit, boAt’s story shows the need to balance revenue growth with operations. With a strong product line and brand, boAt is ready to dominate the D2C industry in FY25 and become a benchmark for other fast-growing D2C brands. For consumers and investors, this turnaround shows boAt’s position as one of the influential D2C brands India has, and its IPO could open the next chapter in the D2C space.
