Boult rebrands as GOBOULT to position itself as premium player before public listing
ADVERTISEMENT GOBOULT Co-Founder Varun Gupta told PTI that the company has plans to go for public listing after 18 months and the rebranding is key for improving bottom line in the company's financial book for a good initial public offer.
"We have an internal target of going for an IPO, which is for 18 months from now. Once we hit the Rs 1,000-crore target that's when we want to go for an IPO. This rebranding is also a gun towards it because we want to have a very clear, defined identity because once we go for an IPO then we cannot make changes in our name or logo," he said.
The company in the financial year 2024-25 had a revenue of around Rs 750 crore, and has projected to cross Rs 1,000-crore mark in the current fiscal. Gupta said that GOBOULT has started investing about 25 per cent of the annual profit in research and development for developing premium products with average selling price (ASP) of over Rs 2,000 apiece. "We want to be positioned as the most stable player that we've been around for some time. We do realize that for growth and moving higher up in our ASPs and thus having a better bottom line, we need to do new things to ensure that we're able to command a premium to our customers. Overall, to see a better bottom line for an IPO as well, we needed to go for this rebranding," he said.
ADVERTISEMENT Gupta said that GOBOULT will adopt an omni-channel strategy rather than depending only on e-commerce firms. "The word "GO" just showcases that it's more youthful, energetic, more powerful, and that's why we added this. Secondly, we do also realize potential to go into offline channels and as a company now focusing more on becoming omni-channel," he said.
ADVERTISEMENT Gupta said that in the last 15 months, GOBOULT now has 38-plus distributors and already live at 3,000-plus stores in the country. "We want to go to 30,000-plus stores in the country, which is where the biggest player in this category is already present," he said.
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GOBOULT, formerly Boult, was the third largest player in the wearable category with 8.6 per cent market share, according to market research firm IDC.
The company was second largest in TWS (wireless earbuds) category and fourth in smartwatch segment in 2024 in India as per the research firm.
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