boAt, the brand renowned for its audio products and smartwatches, has collaborated with telecom giant Reliance Jio to unveil the Lunar Pro LTE smartwatch, incorporating Jio’s eSIM technology for connectivity. The integration of eSIM enables users to place calls and send messages directly from the smartwatch, eliminating the reliance on smartphones.
Empowering Active Lifestyles: The Lunar Pro LTE Smartwatch by boAt with Advanced Fitness Tracking and Integrated GPS
Engineered with integrated GPS functionality, the Lunar Pro LTE smartwatch guarantees precise activity tracking, catering to outdoor enthusiasts involved in activities such as running or cycling. Furthermore, the smartwatch doubles as a comprehensive fitness tracker, integrating features like a heart rate monitor, blood oxygen monitor, sleep tracker, and alerts for sedentary behavior to promote an active and healthy lifestyle.
Founded in 2015 by Aman Gupta and Sameer Mehta, boAt operates in the expansive markets of audio and wearables, offering a diverse range of products including headphones, smartwatches, and speakers. While gaining prominence in the audio sector, the company strategically invests to secure a notable share in the Indian wearable market.
Jio Partnership and Financial Dynamics: boAt’s Advances in Smartwatches, Revenue Growth, and Shift to Domestic Manufacturing
The partnership with Jio is geared towards delivering cutting-edge technology to users, leveraging Jio’s eSIM connectivity to enhance the smartwatch’s functionality. The Lunar Pro LTE smartwatch is poised to be available for purchase in the coming weeks.
boAt has witnessed substantial growth in its smartwatch segment, with revenues surging by over 50% year-on-year in the financial year 2022-23. The company’s overall operating revenue experienced an 18% increase, reaching INR 3,376.7 Cr in FY23. The audio segment contributed INR 2,350.8 Cr, while the wearable segment generated INR 901.5 Cr.
Despite the robust revenue growth, boAt reported a net loss of INR 129.4 Cr in FY23, attributed to significant investments in establishing the smartwatch category and expanding the Make in India infrastructure. The company initiated local manufacturing in India in early 2022, producing over 30 million units in the country to date. Emphasizing a transition towards domestic production, 70% of the company’s products are now manufactured in India as of 2023.
