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Audio and wearables brand boAt Lifestyle has recorded net sales of about Rs 4,000 crore ($500 million) in FY23. This is a nearly 40% jump from the previous financial year when the Delhi-based company earned Rs 2,870 crore from product sales.

In the financial year gone by, the headphone maker also established its own R&D facility, boAt Labs, to co-develop next-generation hearables.

In a statement, the company said it plans on creating a smart and holistic wellness ecosystem through its software platform and consumer app, which resulted from its acquisition of Singapore-based wearable solutions platform, KaHa, last year.

boAt claims to be the only Indian player to have an integrated end-to-end stack of hardware and software in the wearables segment.

The company said it has also invested heavily in the local manufacturing ecosystem, with most of its products made in India by several EMS (electronics manufacturing services) players, including Dixon, with whom it has formed a joint venture. boAt manufactured around 15 million products in India in FY23.

“Our commitment to ‘Make in India’ remains strong and the rapid pace of our transition to Indian manufacturing and our JV with Dixon Technologies is evidence of that,” said Sameer Mehta, Co-founder and CEO, boAt.

The company has raised $177 million from investors, including Qualcomm Ventures, Warburg Pincus, and Accel Partners. It competes with other players such as Xiaomi, Realme, Noise, and OnePlus in the audio and wearables market in India.

In FY22, the consumer electronics firm saw its revenue more than double from Rs 1,314 crore in FY21. However, its profit dropped to Rs 68.70 crore from Rs 86.50 crore a year earlier. Its total revenue from operations in FY22 was Rs 2,873 crore.

Audio products such as earphones, headphones, speakers, and soundbars contributed Rs 2,276 crore to the sales in the fiscal year 2022-23—an increase of 85.25% from Rs 1,228.6 crore in FY21.

Founded in 2016 by Sameer Mehta and Aman Gupta, boAt markets a range of audio products and accessories such as earphones, headphones, speakers, smartwatches, cables, and chargers. The company aims to create a lifestyle brand that appeals to the millennials with its fashionable, affordable and quality products.