Aman Gupta, founder of consumer electronics brand Boat, to launch new venture

Synopsis Aman Gupta announced a new venture, Offbeat Studios, after moving to a non-executive role at Boat. The company has deferred IPO plans amid auditor scrutiny. Warburg Pincus-backed Boat posted over Rs 60 crore net profit in 2024-25, while revenue slightly declined to Rs 3,098 crore. Aman Gupta, cofounder of consumer electronics brand Boat, announced on Tuesday that he is starting a new venture, Offbeat Studios. The move comes soon after Gupta transitioned to a non-executive director role on Boat’s board last September. Over the last few years, several entrepreneurs have stepped down from active roles at their startups and gone on to launch new ventures. “With every birthday, some grow older, I grow bolder. I am still hungry, still impatient and still driven. Aman 2.0 begins soon. Introducing my new venture,” he said in a post on X, without disclosing details. Sameer Mehta, cofounder and CEO of Imagine Marketing (the parent company of Boat), had also switched to an executive director role, with COO Gaurav Nayyar taking on the position of CEO. The leadership changes have taken place at a time when the company was looking to go public. However, Boat’s IPO plans came under scrutiny after its statutory auditors had flagged mismatches between the quarterly returns or statements it filed with lenders and its books of account. Boat has reportedly deferred its plans of going public. The company was seeking to raise Rs 1,500 crore, comprising fresh shares worth Rs 500 crore and an offer for sale worth Rs 1,000 crore by existing investors, according to its updated prospectus. The Warburg Pincus-backed Boat had posted a net profit of more than Rs 60 crore for 2024-25 compared with a net loss of Rs 80 crore the previous year. However, its consolidated revenue for the period declined slightly to Rs 3,098 crore from Rs 3,122 crore. (Catch all the Technology News News, and Latest News Updates on The Economic Times.) ...more