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boAt Lifestyle: why this popular audio maker’s profit growth rate is declining

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boAt has come a long way from making chargers to smartwatches

Synopsis
boAt Lifestyle enjoyed the strongest YoY growth both in terms of revenue and profits in FY20. While the company continues to be profitable, the growth rate has declined. This also comes at a time when boAt has pushed its IPO plans and raised USD61 million. Why is the profitability declining and what to expect from the new round of fundraise?

Mumbai-based audio company, boAt Lifestyle, has come a long way. Founded in 2014 by Shark Tank India judge Aman Gupta and Sameer Mehta, it is among the successful startup stories that New Age entrepreneurs look up to. In the last nine years, just like Gupta who has gone from being an entrepreneur to a TV personality (as per Google search result), the company has graduated from making chargers to smartwatches. However, one thing has remained