boAt DRHP: A Look At Shareholding Pattern & Key Executives

Consumer electronics major boAt’s parent Imagine Marketing recently filed its updated draft red herring prospectus (UDRHP) with SEBI to raise INR 1,500 Cr from the public market.

The company’s public offering will comprise a fresh issue of equity shares worth up to INR 500 Cr and an offer-for-sale (OFS) component of up to INR 1,000 Cr. Important to note that the company has reduced its IPO size from its 2022 listing attempt for an INR 2,000 Cr public float.

In its third IPO attempt, cofounders Aman Gupta and Sameer Mehta propose to offload shares worth up to INR 225 Cr and INR 75 Cr, respectively, as part of the OFS. Besides, investor and promoter South Lake Investment will also be offloading shares worth up to INR 500 Cr.

While Gupta holds 24.76% stake in the company, Mehta holds 24.75% share in boAt as on the date of UDRHP. Its promoter South Lake Investment holds the highest stake in the company at 39.25%.

Other institutional shareholders holding significant shares include Fireside (Fireside Ventures Investment Fund-I), holding around 3.28%, and Qualcomm (Qualcomm Ventures LLC) holds about 2.28%. Malabar Select Fund also holds approximately 1.20% stake in the company.

From the fresh proceeds, boAt is planning to utilise INR 225 Cr for working capital requirements and INR 150 Cr for branding and marketing activities. The remaining proceeds will be used for general corporate purposes.

The company had filed its DRHP with the SEBI via the confidential route in April. The markets regulator approved the confidential DRHP in August.

Founded in 2015 by Gupta and Sameer Mehta, boAt operates in the larger audio and wearables markets and sells products such as headphones, smart watches and speakers. It is backed by the likes of Qualcomm Ventures, Ranveer Singh, Warburg Pincus, among others, and has raised about $177 Mn in funding till date.

On the financial front, boAt saw its topline increasing 11% to INR 628.1 Cr in Q1 FY26 from INR 567.2 Cr in the year-ago quarter. The company also turned profitable during the quarter, posting a profit of INR 21.3 Cr as against a loss of INR 31 Cr in Q1 FY25.

In FY25, boAt reported a profit of INR 61 Cr as against a loss of INR 79.6 Cr in the previous fiscal year. Revenue dipped 1.4% to INR 3,073.2 Cr from INR 3,117.6 Cr in FY24.

Who Sits On boAt’s Board?

Vivek Gambhir

Gambhir is the chairman and non-executive director of boAt and has been associated with the company since April, 2021. Earlier, he was with Godrej Consumer Products and Bain & Company. He received a salary of INR 21 Lakh for FY25.

Sameer Mehta

Cofounder Mehta currently serves as the executive director of boAt, responsible for the overall strategic direction and management, driving growth and innovation of the company. He served as the CEO of the company till September 29 and drew a salary of INR 2.5 Cr in his executive role. He didn’t draw any salary as the company’s executive director since then.

Aman Gupta

Cofounder Gupta quit his executive position of boAt’s chief marketing officer (CMO) to take up the role of non-executive director (additional) of the company earlier in September. He helmed the startup since inception in 2013. Gupta is a CA and was earlier associated with KPMG, Harman International (India) and Citicorp Finance.

He received a remuneration of INR 2.5 Cr in FY25 as whole-time director and chief marketing officer of boAt in the fiscal.

Anish Kumar Saraf

Saraf is a non-executive director of boAt and also serves as managing director at Warburg Pincus India. He is a CA and has been associated with boAt since January, 2021.

Purvi Sheth

Sheth is an independent director at boAt and also serves as CEO at Shilputsi Consultants. She has been associated with the company since November 2021. In FY25, she received a salary of INR 21.8 Lakh.

Aashish Ramdas Kamat

Kamat is an independent director of boAt. Currently, he is also serving as managing director, chief operating officer at L Catterton Singapore. Earlier, he was associated with UBS AG, India, UBS AG, Hong Kong and JP Morgan Chase

He has been associated with boAt since November, 2021 and received a salary of 23 Lakh in FY25.

Anand Ramamoorthy

Ramamoorthy is an independent director of boAt and also serves as a VP at Micron India. Prior to joining boAt’s board, he was at the boards of Intel, Marvell Semiconductors and McAfee Software India

He has been associated with boAt since November, 2021 and got remuneration of INR 24.8 Lakh in FY25.

Deven Pravinchandra Waghani

Waghani is an independent director of boAt since 2021. Prior to his role at the consumer electronics company, he was associated with McKinsey & Company, Hewlett – Packard and Microsoft. He received a salary of INR 17.3 Lakh in the last fiscal.

Key Managerial Personnel

Gaurav Nayyar

Nayyar is the CEO of boAt, responsible for its overall performance and growth. He has been associated with boAt since October 1, 2022.Nayyar, who was serving as the company’s COO since 2022, was elevated to the position of CEO in September. He previously worked as a partner at Bain & Company and is currently leading boAt’s next phase of growth. He drew a salary of NR 2.4 Cr in FY25

Rakesh Thakur

He is the group chief financial officer of boAt, responsible for overall finance functions of the company. He is a CA and was earlier associated with GlaxoSmithKline, Bangladesh, Samsung, PepsiCo (India), Hindustan Unilever Ltd.

He has been associated with boAt since September 2023. During FY25, he received a salary of INR 1.4 Cr by the company.

Shreekant Jayram Sawant

Sawant is the company secretary of the company. In his role, he oversees corporate secretarial functions of boAt.

He is a CS and was associated with Nykaa, IL&FS Township & Urban Assets and 3i Infotech in the past before joining boAt in 2024. During FY25, he received a remuneration of INR 25 Lakh.

Shyam Vedantam

He is the chief product officer of boAt, responsible for driving product strategy, product delivery and technology innovation at the company. Prior to joining boAt in 2022, Vedantam was associated with Altiux Innovations as CEO and director, founded Nuvos Advisory LLP and held leadership roles at Harman International, Keypoint Technologies and GE India Exports. During FY25, he received a remuneration of INR 1.4 Cr.

Shashwat Singh

Singh the chief information officer of boAt, responsible for information technology initiatives and strategy of the company. Prior to joining boAt in 2021, he was associated with HUL, Kimberly-Clark India, Asian Paints and Infosys. During FY25, he received a remuneration of INR 1.5 Cr.

Prejith Narayan

Narayan has been serving as the CBO of the company since 2022 and is responsible for strategic direction, operations, and partnerships of the company. Prior to his stint with boAt, he was associated with Amazon. During FY25, he received a remuneration of INR 1.4 Cr by the company.

Jyosmita Chintey

Chintey has been serving as the CHRO of boAt since 2024, leading the human resource function of the company. Prior to joining boAt, she was associated with EY. During FY25, she received a remuneration of INR 70 Lakh.

Rakshit Gupta

Gupta has been heading customer experience at boAt since 2021. In this position, he is responsible for customer experience management, warranty management platform, and operational customer facing processes of the company. During FY25, he received a remuneration of INR 1.3 Cr.

Pranjal Jain

He is the head of manufacturing and supply chain of boAt, responsible for strengthening the supply chain and delivering its products. He has been associated with boAt since July, 2024 and was earlier with Bain & Company. During FY25, he received a remuneration of INR 1.3 Cr.

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