EARWEAR BRAND BOAT on Thursday said that it has elevated principal administrative officer(CEO) Vivek Gambhir to president of the company. boAt co-founder Sameer Mehta will take on the part of CEO and managing director(MD). Gambhir, in his new role as president, will continue to guide the leadership team on matters of strategy, organisational development and culture and unborn growth roadmap. Sameer Mehta, MD & CEO, boAt, said, “We’ve gauged up extensively over the last several times and it has been amazing to have Vivek as a valued mate in our growth trip.
In early 2021, we had approached Vivek to join and guide us in our scaling-up trip and prepare us to suppose and act like a bigger company rather than as an incipient.” He further said, “ This once several times have been a period of significant literacy and growth with Aman and I working nearly with Vivek to run the company. In doing so, we’ve developed the confidence and lesser conviction that we can truly produce a consumer tech hustler and a domestic champion respected encyclopedia, with leadership positions across multiple orders, countries, and channels, therefore creating tremendous shareholder value.” “We’re now the number two company encyclopedia ally in the wearables(earwear and smartwatches) space in addition to being a commanding brand in multiple orders in India. It’s a matter of great pride that a brand born in India is now among the top brands in the world.
And I’m agitated about the coming phase of boAt, under the co-founders’ visionary leadership,” Gambhir said. The developments come at a time when D2C player boAt is seeing promising growth as its balance distance has turned positive in the fiscal time 2022. In FY22, it posted a profit of INR 68.7 Cr while its profit surged by 117.5 to INR 2,886 Cr. Meanwhile, its deals also grew over 2X to INR Cr in the corresponding fiscal time. As per the International Data Corporation(IDC) report, boAt led the Indian wearables request with 32.1% share in the third quarter of 2022. Whereas, in the true wireless( TWS) earphones order, it held a 41.7$ request share while in the smartwatches order, it held a 19.1% request share in Q3 2022. Talking about its INR 2000 Cr IPO plans, the Delhi-grounded consumer electronics brand seems to be delaying its public table after seeing the poor performance of the new-age listed startups in Indian bourses. PhonePe has raised fresh $ 200 million in primary capital from its parent Walmart. PhonePe has raised fresh $ 200 million in primary capital from its parent Walmart, at a pre-money valuation of $ 12 billion.
This backing comes as a part of PhonePe’s ongoing fundraise of over to $ 1 billion. With this tranche, the company has raised $ 650 million in the ongoing round so far and expects further investments to be blazoned in due course. PhonePe plans to use these finances to make and gauge new businesses like insurance, wealth operation, lending, stockbroking, ONDC-grounded shopping and account aggregators. The fundraise will also be used to support immolations like UPI Lite and credit on UPI. The USD 12 billion pre-money valuation makes Walmart-possessed PhonePe the most precious fintech in the country, surpassing payment services provider Razorpay which was last valued at USD7.5 billion.