In a strategic collaboration, boAt, renowned for its audio and smartwatch innovations, has partnered with telecom giant Reliance Jio to introduce the Lunar Pro LTE smartwatch. This cutting-edge timepiece leverages the advanced eSIM connectivity provided by Reliance Jio, offering users the convenience of making calls and sending messages directly from the smartwatch, eliminating the need for a paired smartphone.
Precision for Outdoor Enthusiasts: The Lunar Pro LTE’s Built-in GPS Functionality
Catering to the needs of outdoor enthusiasts, the Lunar Pro LTE smartwatch boasts built-in GPS functionality for accurate activity tracking. Whether engaging in running or cycling, users can rely on this feature for precise monitoring of their outdoor activities.
Beyond Timekeeping: Lunar Pro LTE as a Comprehensive Fitness Tracker
The Lunar Pro LTE smartwatch is not merely a timekeeping device; it doubles as a comprehensive fitness tracker. Equipped with essential health monitoring tools such as a heart rate monitor, blood oxygen monitor, sleep tracker, and alerts for sedentary behavior, it aligns with the growing trend of consumers seeking holistic solutions for their well-being.
Market Anticipation: Availability of Lunar Pro LTE in the Coming Weeks
boAt anticipates that the Lunar Pro LTE smartwatch will be available in the market in the coming weeks, offering consumers a seamless connectivity experience and advanced features that cater to both communication and health-tracking needs.
Reliance Jio’s Perspective: Commitment to Innovation and Cutting-edge Technology
A spokesperson from Reliance Jio emphasized that the collaboration with boAt exemplifies their commitment to innovation and dedication to providing customers with cutting-edge technology. The partnership reflects the shared vision of both companies in delivering technological advancements to enhance user experiences.
boAt’s Journey: From Audio Excellence to Wearable Innovation
Founded in 2015 by Aman Gupta and Sameer Mehta, boAt has made significant strides in both the audio and wearables markets. With offerings ranging from headphones to smartwatches and speakers, the company has been actively investing to secure a substantial share of the Indian wearable market.
Financial Highlights: boAt’s Growth in Smartwatch Segment and Overall Revenue
boAt reported an impressive 50% year-on-year growth in revenue from the smartwatch segment during the financial year 2022-23. The overall operating revenue for FY23 witnessed an 18% increase, reaching INR 3,376.7 Cr compared to INR 2,873 Cr in the previous fiscal year.
Challenges and Opportunities: boAt’s Transition into the Red in FY23
Despite robust financial performance, boAt reported a net loss of INR 129.4 Cr in FY23, attributing it to strategic investments in establishing the smartwatch category and scaling up the Make in India infrastructure.
Local Manufacturing Emphasis: boAt’s Contribution to ‘Make in India’ Initiative
boAt commenced local manufacturing in India in early 2022, producing over 30 million units domestically. Collaborating with Indian electronic manufacturing services (EMS) providers, the company aims to streamline processes and cultivate a high-quality manufacturing ecosystem in the country.
Shift to Local Production: Aman Gupta’s Insight on ‘Make in India’ Initiative
A recent statement by boAt’s co-founder, Aman Gupta, underscores the company’s commitment to the ‘Make in India’ initiative. Gupta noted a significant shift, highlighting that 70% of their products are now manufactured in India, marking a substantial increase from pre-Covid times when none of their products were produced domestically. This shift reflects boAt’s dedication to local production and contributing to the growth of the Indian manufacturing sector.
