Boult rebrands as GoBoult, takes premium detour en route to ₹1,000-crore IPO goal
The move comes on the back of a strong FY25 in which the company posted ₹800 crore in revenue. It aims for ₹1,000 crore this year, and has laid out plans to scale its retail presence from 3,000 stores to more than 30,000 and enter new international markets including the US, Europe, Southeast Asia and East Asia.
'The idea is to align with how today's consumers move and spend. If we want to grow ASPs (average selling price), expand globally and strengthen offline, we can't stay where we are," Varun Gupta, co-founder of GoBoult, said in an interview with Mint. 'This is not just a name change—it's a shift in positioning."
GoBoult has already rolled out the new branding across its packaging, e-commerce listings and digital channels. A marketing campaign that includes digital, print, out-of-home and influencer activations is underway.
While 95% of its spending has traditionally gone to digital, the share will dip to 80% for this campaign. The company plans to spend in 'double-digit crores" on the rollout.
Founded in 2017, Boult claims to be the second-largest audio brand and third-largest smartwatch player in India by volume. Audio products currently bring in 73% of revenue and wearables account for the remaining 27%. The company remains bootstrapped and profitable and has sold more than three crore products to date, Gupta claims.
According to Counterpoint Research, India's true wireless stereo (TWS) earbuds market posted just 4% year-on-year growth in the first quarter of 2025. Boult, however, reported 46% growth in the same period, the highest among the top five brands, taking its market share to nearly 17%.
Premium aspirations
The shift in branding coincides with a renewed focus on the higher end of the market. GoBoult is entering the ₹2,000-plus ASP category with new product lines and partnerships. Its Mustang-branded audio devices launched in collaboration with Ford now account for 12.5% of revenue, or ₹100 crore. Another premium series, Klarity, contributes 7.5%.
'We've seen consumer hesitation with higher pricing under the Boult name. The rebrand helps reset that perception while carrying forward the credibility we've built," Gupta said. Existing product prices will remain unchanged, but new launches will be positioned at higher price points.
GoBoult has already clocked ₹300 crore in revenue in the first four months of FY26, Gupta said. A small pre-IPO funding round is under consideration, and the company is targeting a ₹3,500-4,000 crore valuation for its proposed listing, he added.
Boult entered offline retail just 15 months ago and is currently sold in more than 3,000 stores, including Reliance Digital, Croma and 2,000 general trade outlets. It expects to expand to 12,000 stores by the end of 2025 and 30,000 by the time of the IPO.
While e-commerce contributes the bulk of its revenue, quick commerce now accounts for 10-12% and is the fastest-growing channel. 'We're live on more than 1,300 Blinkit dark stores. But our offline push is essential for wider penetration and visibility," Gupta said.
Global expansion
On the global front, the brand is live in the UK and Nepal and plans to expand to Southeast Asia and parts of Europe in the coming months. By the time it goes public, GoBoult expects to be active in at least 10 international markets.
GoBoult manufactures 25% of its products in-house, primarily for product development and repairs. The rest is handled by third-party manufacturers. The company says 99% of its products are assembled in India, though some components continue to be sourced from China.
As part of its road map, the company is investing ₹25 crore in R&D and product development, with a focus on hardware-software integration and user experience. It also plans to expand its internal design and engineering teams.
Gupta said the aim is to reposition GoBoult as a more design-led and globally relevant brand while continuing to build on the domestic growth momentum. 'The shift is also about raising the quality of retail, packaging, and product experience and not just the messaging," he said.
Gupta added that future brand collaborations will focus on longer-term associations rather than short-term licensing deals. 'The Mustang deal was a learning. We're not just slapping on logos. Every detail is co-developed. That's the approach we'll stick with," he said.
With revenue targets, IPO plans, and global expansion all aligned to the same 18-month window, the company is hoping the GoBoult identity can help it to grow beyond the value segment without losing its existing customers.
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