- BOULT achieves 100% YoY growth, doubling revenue in FY 23-24.
- Planned launch of new TWS and entry into new product categories in 2024.
- Focus on sustainability with reduced plastic use and e-waste recycling.
- Expansion into international markets and extensive service centers in Tier 2 and 3 cities.
BOULT, known for its innovative approach and commitment to quality, has made significant strides in 2023, positioning itself for an even more promising 2024.
We had the opportunity to interview Varun Gupta, Co-Founder of BOULT to get insights into BOULT’s journey, reflecting on the company’s achievements in the past year, and his vision for the future, especially in terms of new technologies, sustainability initiatives, market expansion, and customer service strategies.
Can you reflect on BOULT’s key achievements in 2023 and how they shape your expectations for 2024?
2023, was a year of growth for BOULT. We consolidated on our position in the TWS category maintaining our fortitude as the second largest brand in the segment in terms of market share and we were able to build on our newest category of smartwatches and maintain a steady growth in it.
Another key achievement for us was the announcement of our offline expansion which is certainly going to increase our prominence in the market as a D2C player as we continue on our plan to open 2500+ stores across 13 states in the country.
BOULT has maintained a phenomenal growth trajectory of 100% YoY for the past four years, doubling its revenue in FY 23-24 to over 1,000 crores, compared to approximately 500 crores in FY 22-23.
For 2024, I believe we are on the right track, we are going to go high on innovation this CY and are surely looking forward to building on our omni channel offerings.
We are also aiming at achieving substantial financial milestones and continue on our 100 percent growth in the coming years as well, indicating a robust financial performance.
We also soon be available for offline sales in all states as well as a few international markets.
What innovative technologies or products is BOULT planning to introduce in 2024?
2024 is going to see a host of new products from our team.
To begin with, we are going to launch a new TWS in the coming month, adding to our very successful Z40 Series from 2023.
Further, we intend to also diversify our products further into a new category within the first quarter of the year itself.
Last but not the least a big ticket collaboration with an auto major is also planned in Q1 of 2024 to launch a limited edition product.
In terms of new technology that is going to be at play our new pair of TWS are going to feature a Cordic Accelerate Engine – Sonic Core Dynamics/ Binary Beat that ensures low power consumption, accurate and superior noise cancellation, intelligent voice recognition and sharpness in sound.
Apart from this we will also be introducing Prism Voice PLC – an AI enabled system that helps in reducing conversation lags and enhances the gaming experience on the TWS device.
Finally, the device shall also boast of Dual Core Digital Signal Processors (DSP), helping in simultaneous audio processing, extended battery life, swift and synchronous audio transfer and adaptive equalization mode.
How is BOULT incorporating sustainability and social responsibility into its business strategies and product designs?
At BOULT, sustainability is one of the core ethos of our business and we take a comprehensive approach to sustainability and environmental concerns.
We have taken steps to reduce their environmental impact by focusing on material selection, energy efficiency, packaging, recycling, and research and development.
High-Quality and Long-lasting Products: BOULT prioritizes the use of high-quality materials in their products.
By ensuring durability and longevity, they aim to reduce the disposable nature of electronics and promote a more sustainable consumption pattern.
Additionally, the chipsets used in our devices are designed to minimize energy consumption and reduce the environmental footprint during usage. E-waste Recycling: Recognizing the importance of responsible e-waste management,
We have also partnered with leading and authorized e-waste recyclers.
This collaboration enables customers to dispose of their e-waste products properly after their end-of-life, promoting the recycling and conservation of valuable materials and reducing environmental impact.
Through these activities, BOULT demonstrates its commitment to social responsibility, sustainability, and making a positive difference in society.
What challenges and opportunities do you foresee for BOULT in the year ahead?
I think the biggest challenge for the price range and category that we are already operating in is the existing market is extremely competitive.
Especially when it comes to the number of devices that are being launched each year.
For us, the major opportunity lies in the space of offering added value at the same price, expanding to a new category and building on our retail expansion strategy.
Further, having already expanded into the US and the UK, our goal this year is to also look at the Indian subcontinent as a major opportunity with Nepal being our first major country in this line.
Considering the expansion of BOULT’s service centers to include more Tier 2 and Tier 3 cities, what strategies are in place to cater to the unique demands of these markets?
We have 162 operational service centers across Tier 2 and Tier 3 cities at the moment and as I stated earlier we are opening dedicated BOULT outlets across India and this is going to majorly aid the customers who are skeptical about online buying in these markets.
Furthermore, we are also opening IVR lines for customer assistance and soon we will also have an AI Chatbot in place soon.
With the upcoming budget announcement, what are your anticipations for the tech sector, and how might this influence BOULT’s strategies?
India’s tech landscape is primed for monumental growth, and with the upcoming budget, we’re surely heading towards a breakthrough.
We anticipate some crucial policy reforms, such as the reduction of GST rates on electronics, which will not only fuel the industry’s fire but also make tech more accessible to the masses.
Tax incentives for angel investors can catalyze a surge in innovation, while extended tax rebates for startups like us are crucial for nurturing early-stage entrepreneurship.
As one of the fastest-growing wearable brands in India, we have seen an increasing market share capitalisation by the Indian players in the wearable tech segment which has helped in democratizing the technology to even the smallest markets in India.
I am hopeful that this will not go unnoticed and in sync with the government’s “Make in India” plans, we will see reforms being announced that cater to Production Linked Incentives (PLI) as the current scheme only incentivises firms to finish the products in the country and is largely limited to smartphones and allied components.
We certainly feel that even if some of these policy announcements are made it can have the potential to transform India into a global tech destination, creating a roadmap for new ideas and investments.
We’re looking forward to a budget that recognizes and empowers technological forwardness.
With the increased focus on AI and IoT in consumer electronics, how is BOULT integrating these technologies into its product line?
AI has become an integral part of functioning for any consumer electronics brand.
Everyone is experimenting at their level with AI integrations in the devices.
So far we have seen AI has helped a lot in personalisation of devices for a select segment of consumers.
For instance, we have concentrated on AI-powered lag-free comms – Prism Voice PLC and Cordic Accelerate Engine – Sonic Core Dynamics/ Binary Beat for low power consumption, accurate and superior noise cancellation, intelligent voice recognition, and sharpness in sound in our upcoming TWS devices.
Also, based on the consumer need for multiple-device connectivity we have also included multiple-device connectivity as a key feature.
Furthermore, we already have the BoultFit App which works on similar principles.
What were BOULT’s key achievements in 2023?
In 2023, BOULT solidified its position in the TWS market and saw significant growth in smartwatches. The brand also announced plans for substantial offline expansion, contributing to its steady growth trajectory.
What new products and technologies is BOULT introducing in 2024?
BOULT is set to launch a new TWS as part of the Z40 Series and is entering new product categories. Technologies like Cordic Accelerate Engine and Prism Voice PLC will be featured in upcoming products for enhanced performance.
How is BOULT incorporating sustainability into its business?
BOULT is focused on sustainability by eliminating plastic packaging, using recyclable materials, and partnering with e-waste recyclers. This approach aligns with their commitment to environmental responsibility.
What challenges and opportunities does BOULT foresee in 2024?
The main challenge for BOULT is the competitive nature of the market. Opportunities lie in offering added value, expanding into new categories, and building on retail expansion, especially in the Indian subcontinent.
How will the upcoming budget affect BOULT and the tech sector?
BOULT anticipates policy reforms such as reduced GST rates on electronics and tax incentives for startups, which could significantly impact the tech sector’s growth and the brand’s strategic direction.