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People · Commerce & Consumer Brands

Aman Gupta steps back from boAt to launch new venture

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boAt logo
Date
Company
boAt
What it does
Consumer electronics brand for audio and wearables
Kind
People
Founded
2016
Sector
Commerce & Consumer Brands

What they do

BoAt sells consumer electronics like audio gear and smartwatches

What happened

Co-founder Aman Gupta left executive roles to start OffBeat Studios

Why it matters

The company posted profits but paused its planned initial public offering

The details

  • Aman Gupta announced his new venture OffBeat Studios on March 3, 2026.
  • He transitioned to a non-executive director role at boAt in September 2025.
  • Gupta relinquished his position as the company's Chief Marketing Officer (CMO).
  • He cited ethical reasons to safeguard investor trust before a public listing.
  • Gaurav Nayyar was appointed CEO of boAt in September 2025.
  • Sameer Mehta moved to an Executive Director role focusing on strategy.
  • Shrey Walia took on additional responsibilities for new business verticals in January 2026.

The bigger picture

  • Gupta is a well-known judge on Shark Tank India.
  • His departure marks a significant leadership shift for the consumer electronics brand.
  • The move coincides with the company reassessing its IPO plans.

About the business

  • boAt manufactures audio products, wearables, and power banks.
  • The company targets consumers looking for affordable lifestyle electronics.
  • It generated ₹3,122 crore in revenue during fiscal year 2024.
  • Revenue slightly declined to approximately ₹3,073 crore in fiscal year 2025.
  • The company returned to profitability with a net profit of ₹60.4 crore in FY25.
  • Q1 FY26 operating revenue grew by 11% to ₹628.1 crore.
  • Net profit for Q1 FY26 stood at ₹21.4 crore compared to a loss previously.
  • Total raised funding exceeded $170 million as of September 2025.
  • The brand aims for a valuation of approximately $1.5 billion.

What happens next

  • The company has put its IPO plans on hold to reassess market conditions.
  • It previously filed for an IPO in April 2025 with an updated DRHP.
  • The proposed IPO included a fresh issue of up to ₹500 crore.

Investors

  • Warburg Pincus (lead) — Led a $60 million round in 2023 and is the largest external shareholder.
  • Fireside Ventures (existing) — A significant stakeholder in the company.
  • Qualcomm (existing) — A significant stakeholder in the company.

Founders

  • Aman Gupta, co-founder
  • Sameer Mehta, co-founder

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