India’s beloved audio brand BoAt is preparing to sail into the stock market — but beneath its glossy deck lies a flood of red flags. A company that bled losses for three consecutive years has somehow “magically” turned a ₹60 crore profit just before filing for its IPO.

Coincidence? Or manipulation?

Because when the founders jump ship right before the IPO, that’s not a good sign. That’s a distress signal.

Let’s dive into the numbers, the exodus, the Chinese dependency — and why this IPO might be India’s next corporate shipwreck.

🚨 The BoAt That’s Taking on Water

BoAt was once the poster child of India’s D2C (Direct-to-Consumer) revolution — cool, youthful, and affordable. But behind that glossy marketing lies a company slowly drowning in losses:

• FY22: ₹45 crore loss

• FY23: ₹129 crore loss

• FY24: ₹80 crore loss

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And yet, suddenly — out of nowhere — BoAt claims to have made a ₹60 crore profit in FY25, even as its revenue dropped.

You read that right. Falling revenue, but rising profit.

This isn’t financial genius — it smells like financial gymnastics.

🧾 The Illusion of “Made in India”

BoAt markets itself as an indian brand riding the Make in india wave. The truth? Most of its products come straight from Chinese factories, only to be packed in India.

Even worse — the brains behind its wearables aren’t indian either.

BoAt’s Singapore-based partner KaHa handles the concept, design, and algorithmic intelligence for its smart devices.

So what exactly is “Indian” about BoAt?
A logo. A sticker. A slogan.

🚪 Founders Jump Ship Before IPO

If your ship was strong, would you abandon it right before it sails?

That’s exactly what BoAt’s founders just did.

• Sameer Mehta, co-founder and CEO, resigned.

• Aman Gupta, co-founder and CMO, resigned.

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Both quit their executive roles just 29 days before filing for IPO.

Now, they’re “non-executive directors” — distant from the operations, yet close enough to profit when the IPO launches.

When the captains leave the bridge before a storm, the passengers should start running for lifeboats.

📉 Employee Exodus and Crumbling Culture

BoAt’s internal turmoil doesn’t end with its founders. In the past year, 34% of its full-time employees have left the company.

That’s one in every three employees abandoning ship — an unmistakable sign of chaos within.

High attrition, executive exits, and overseas dependency — these aren’t traits of a company ready to go public. They’re warning signs of a system under strain.

💰 Hype Doesn’t Equal Profit

Startups like BoAt and Lenskart thrive on perception. Slick branding, influencer marketing, and Shark Tank clout make them look successful.

But hype doesn’t pay bills. Revenue does.

And when the fundamentals are shaky — no matter how shiny the pitch — it’s only a matter of time before the market corrects the illusion.

At first, the IPO will soar. Retail investors will rush in. The founders will cash out.

Then, just as quickly, the price will plummet.

Because you can’t float forever on marketing smoke and investor hype.

⚠️ The Final Word: There Are Holes in This BoAt

BoAt’s story is the perfect reflection of the “startup bubble” india refuses to admit exists.
A glamorous exterior hiding a fragile core.

A hype machine running on borrowed time.

Investors, beware — this BoAt may look shiny, but it’s leaking from every side.

And when the storm hits, only the founders will have life jackets.