Imagine Marketing IPO

Imagine Marketing Limited IPO Strengths

Market Leadership in Audio

Imagine Marketing Limited holds a dominant and consistent #1 rank in India’s branded personal audio market. For FY 2025, the company commanded a 26% market share by value and 34% by volume. Its brand, boAt, has been the leading wireless personal audio brand for five consecutive years, establishing a formidable competitive moat in its core category.

Strong Brand Equity and Marketing

The “boAt” brand has significant equity, recognized as India’s Most Trusted Large Audio, Personal Audio and Wearables Brand. Imagine Marketing Limited has built this through strategic celebrity collaborations, innovative marketing campaigns generating hundreds of millions of impressions, and a clear value proposition that resonates with young, digitally-native consumers, fostering a community of over 20 million “boAtheads”.

Successful Portfolio Diversification

Imagine Marketing Limited has successfully extended the boAt brand beyond audio into adjacent high-growth categories. It is now the #2 brand in India by volume in the smartwatches (wearables) category and among the top three in charging solutions. This diversification reduces reliance on a single product line and taps into multiple large market opportunities.

Digital-First Omnichannel Distribution

The company’s digital-first approach provides unparalleled reach and consumer insights. Imagine Marketing Limited has effectively diversified its channels, growing its offline contribution to 29.45% of revenue in FY 2025. This omnichannel strategy, spanning e-commerce marketplaces, quick commerce, its own website, and over 12,000 offline retailers, ensures wide market penetration.

Proprietary Innovation and R&D

Imagine Marketing Limited drives innovation through its in-house “boAt Labs,” comprising over 100 engineers. The company has developed proprietary technology stacks for audio and wearables, including an operating system for smartwatches. This capability, supported by patents and global tech collaborations, allows for differentiated products and faster time-to-market.

“Make in India” Manufacturing Agility

The company has made a strategic shift towards domestic manufacturing, producing over 75 million units in India as of June 30, 2025. Through its joint venture and contract manufacturers, Imagine Marketing Limited has increased control over quality and costs, benefiting from government incentives and building a more resilient, agile supply chain.

More About Imagine Marketing Limited

Imagine Marketing Limited is a digital-first pioneer that has reshaped India’s consumer electronics landscape with its flagship brand, “boAt”. Founded in 2013, the company is laser-focused on serving the needs of young, trend-conscious Indians with a portfolio of lifestyle-oriented audio products, wearables, and accessories.

Product Portfolio

Imagine Marketing Limited’s extensive product range is designed to cater to various facets of a connected, modern lifestyle.

• Audio Portfolio: This is the company’s core strength, encompassing True Wireless Stereo (TWS) devices, wireless neckbands, wired earphones, Bluetooth speakers, and home theatre systems. The boAt brand is synonymous with this category in India.

• Wearables: The company offers a range of smartwatches and has recently ventured into the smart ring category with products like the ‘Smart Ring Active’.

• Accessories: The portfolio is rounded out with gaming accessories (headsets, mouse, keyboards), personal care appliances (trimmers), and essential mobile accessories (chargers, cables, power banks).

The boAt Brand Phenomenon

The “boAt” brand is the cornerstone of Imagine Marketing Limited’s success. It has built a powerful identity as a “technology democratizer,” offering feature-rich, stylish products at accessible price points. The brand’s marketing playbook is a key driver, involving:

• High-Impact Collaborations: Partnerships with celebrities like Ranveer Singh and athletes like Yashasvi Jaiswal.

• Strategic Brand Tie-ups: Associations with entities like Royal Challengers Bangalore (IPL), fashion labels, and entertainment franchises.

• Community Building: Cultivating a loyal community of “boAtheads” through direct engagement and immersive experiences.

Financial Turnaround

After reporting losses in FY 2023 and FY 2024, Imagine Marketing Limited achieved a significant financial turnaround in FY 2025. The company reported a Profit After Tax of ₹610.80 million on revenue of ₹30,732.77 million, demonstrating a clear path to profitability and operational efficiency.

Industry Outlook

The Indian consumer electronics industry, particularly the audio, wearables, and accessories segments, is on a robust growth trajectory, driven by favorable demographics, rising disposable incomes, and rapid digital adoption.

Market Size and Growth Catalysts

The addressable market for Imagine Marketing Limited’s core categories is substantial and expanding rapidly.

• The Indian audio market was valued at ₹489 billion in FY 2025 and is projected to grow at a CAGR of 10-13% until FY 2030.

• The wearables market, valued at ₹100 billion in FY 2025, is expected to grow at an even faster CAGR of 15-19%.

• The charging solutions market, valued at ₹26 billion, is poised for the highest growth at a CAGR of 25-29%.

Key Growth Drivers

• Demographic Dividend: A large, young population that is digitally native and has a high affinity for technology and fashion accessories.

• Smartphone Penetration: The proliferation of smartphones, especially in Tier 2 and 3 cities, is a primary driver for complementary products like TWS, wearables, and power banks.

• Content Consumption and Gaming: The boom in digital content (OTT, music streaming, podcasts) and mobile gaming is fueling demand for high-quality personal audio devices.

• Health and Wellness Trend: Growing consumer focus on fitness and health is a major catalyst for the adoption of smartwatches with health-tracking features.

• “Make in India” Initiative: Government support and incentives are encouraging local manufacturing, reducing costs, and building a resilient supply chain for the sector.

How Will Imagine Marketing Limited Benefit

• The company is perfectly positioned to capture a significant share of the large and fast-growing audio, wearables, and charging solutions markets in India, given its established leadership and strong brand recall.

• The rising disposable income of India’s young population and their preference for branded, lifestyle-oriented products will directly benefit Imagine Marketing Limited’s product portfolio and average selling prices.

• The strategic expansion of its offline distribution network will allow the company to tap into the vast consumer base in Tier 2 and 3 cities, where smartphone and brand penetration is accelerating.

• The growing consumer emphasis on health and wellness will drive demand for the company’s smartwatches and newly launched smart rings, providing a major growth vector beyond its core audio business.

• Government initiatives like “Make in India” support the company’s local manufacturing efforts, potentially leading to cost savings, duty benefits, and a more agile supply chain.

• The ongoing digital transformation and unbundling of smartphones from earphones create a continuous replacement cycle and demand for wireless audio products, a category where boAt is the undisputed leader.

• The company’s digital-first DNA allows it to quickly identify and capitalize on emerging consumer trends, such as the rise of quick commerce, enabling faster product launches and targeted marketing.

Peer Group Comparison

• There are no comparable listed companies in India that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison as per the DRHP.

Key Strategies for Imagine Marketing Limited

Enhancing Brand Building and Marketing

Imagine Marketing Limited will strategically deploy resources to deepen brand engagement and attract new customers. The company plans to intensify its marketing campaigns, forge new celebrity and influencer partnerships, and explore collaborations with sports teams and entertainment franchises. This focused approach aims to strengthen the boAt brand’s emotional connect and sustain its leadership position in a competitive market.

Driving Product Innovation and Expansion

The company will continue to leverage its in-house R&D capabilities at “boAt Labs” to innovate and expand its product portfolio. This includes developing new features for existing audio and wearables products and venturing into new, adjacent consumer product categories. The strategy focuses on maintaining a pipeline of trendy, technology-driven products to meet evolving consumer preferences and capture new market opportunities.

Strengthening Omnichannel Distribution

Imagine Marketing Limited is committed to deepening its omnichannel presence. The strategy involves expanding its offline retailer and distributor network, enhancing relationships with online marketplaces, and scaling its direct-to-consumer website. This ensures wider product availability, improved customer reach, and a resilient distribution model that caters to diverse shopping behaviors.

Scaling Domestic Manufacturing and Supply Chain

The company will continue to strategically increase the proportion of products manufactured in India through its joint venture and contract manufacturers. This “Make in India” focus aims to achieve greater supply chain resilience, reduce costs through duty savings and government incentives, and shorten lead times, thereby enhancing overall operational agility and cost competitiveness.