IPO-bound boAt cofounder Aman Gupta announces OffBeat Studios, his latest venture

Aman Gupta, co-founder of consumer electronics brand boAt, has announced a new venture called OffBeat Studios, marking his first entrepreneurial move since stepping back from day-to-day operations at the company. In a post on social media platform X on 3 March, Gupta wrote, “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.” Gupta did not share details about the venture’s business model, sector focus, funding plans, team or launch timeline. The announcement included the venture’s social media handle and a stylised “OFF/BEAT” logo but offered no further clarity on the nature of the business. It is also unclear whether OffBeat Studios will have any strategic association with boAt or operate independently. Leadership transition at boAt The development comes months after Gupta moved to a non-executive role on the board of Imagine Marketing, boAt’s parent company, as part of a leadership reshuffle announced in September last year. At the time, the company appointed Gaurav Nayyar as chief executive officer, while co-founder Sameer Mehta transitioned to the role of executive director focused on strategy. boAt, founded in 2016, has grown into one of India’s leading consumer electronics brands, particularly in categories such as audio wearables, smartwatches and personal accessories. IPO plans The announcement also comes as Imagine Marketing prepares for a potential public listing. The Warburg Pincus-backed company confidentially filed draft papers for an initial public offering in April and is reportedly targeting a valuation of around Rs 13,000 crore. This marks boAt’s second attempt to go public. In January 2022, the company had filed draft papers with the Securities and Exchange Board of India for a Rs 2,000 crore IPO, comprising a fresh issue of shares worth Rs 900 crore and an offer for sale of up to Rs 1,100 crore. The company later withdrew the proposal amid market volatility. Financial performance According to its updated draft red herring prospectus, the company reported a net profit of rs 60.4 crore in FY25 compared with a loss of Rs 73.7 crore in the previous year, while revenue remained largely flat at about Rs 3,073 crore. For the first quarter of FY26, boAt reported a net profit of Rs 21.4 crore, compared with a net loss of Rs 31.1 crore in the same period a year earlier. Operating revenue rose 11% year-on-year to Rs 628.1 crore.