boAt crosses 5 crore ‘Made in India’ products mark
The personal audio device maker focuses on localising its manufacturing capacity and research and development capacities within the country.
Headphones and earphone maker boAt on Monday said it has crossed the 5 crore or 50 million mark for ‘Made in India’ products on the strength of its domestic production ecosystem.
The company currently manufactures 70-75% of its audio and smart wearable products within India, aided by boAt’s JV with Dixon Technologies, California.
The collaboration allowed boAt to scale up its production, reduce lead times, optimise its supply chain and enhance product quality and reduce its import dependency.
Imagine Marketing Limited, the parent company of wearable brand boAt Lifestyle, is also ramping up its R&D efforts with a special focus on localising its R&D efforts. Under these efforts, it established a dedicated innovation centre in India.
These centres have s established strategic partnerships with global technology leaders such as Google Inc, Qualcomm, Dolby, CEVA, Mimi Hearing Technologies among others.
“The company’s focus on local design and engineering not only fosters homegrown talent but also ensures that boAt products are tailored to meet the unique needs of the Indian market.” said the statement.
The company posted its best-ever revenue of Rs 3,377 crore during the fiscal year ending March 2023. boAt has been profitable for eight years since inception, and posted a loss of Rs 129.4 crore in FY23 due to growing business development and advertising costs.
Edited by Affirunisa Kankudti