# Imagine Marketing Limited (BOAT)
**ISIN:** INE03AV01027
**Canonical URL:** https://polemarch.in/invest/imagine-marketing-limited
**Type:** Unlisted
**Sector:** Consumer D2C
**Market cap bucket:** Mid Cap
**Current quoted price:** ₹0.00 per share

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## Company profile

## Business overview
Imagine Marketing Limited, which operates the brand **boAt**, is India's largest wearable audio and smartwatch company by unit shipments. Founded in 2016 by Aman Gupta and Sameer Mehta, boAt sells earphones, headphones, smartwatches, speakers, cables, and related accessories through online marketplaces (Flipkart, Amazon), its own D2C website, and a growing offline retail presence. The company pioneered the 'aspirational-yet-affordable' consumer electronics positioning in India — pricing products at ₹500–₹5,000 where international brands like JBL, Sony, and Apple sit at 3–10× premiums.

### Risks
- **Chinese competition**: Xiaomi, Realme, OnePlus, and white-label brands compete aggressively on price; margins can erode quickly in a race to the bottom
- **Low switching cost**: audio accessories are fashion-adjacent — brand loyalty is weaker than in smartphones; consumers readily switch for ₹100–₹200 savings
- **Concentration risk**: ~75% of sales come through Flipkart and Amazon; any change in marketplace commission structure or algorithmic ranking directly impacts revenue
- **IPO withdrawal**: boAt filed its DRHP in January 2022 but withdrew the IPO filing in 2023 citing market conditions; re-filing timeline is uncertain
- **Margin pressure**: ASP (average selling price) has been declining as the TWS market commoditises; profitability requires either volume growth or mix shift to premium

## Recent price points (last 10)

| Date | Price (₹) |
|---|---:|
| 2026-04-16 | 895 |
| 2026-04-17 | 895 |
| 2026-04-18 | 895 |
| 2026-04-19 | 895 |
| 2026-04-20 | 895 |
| 2026-04-21 | 895 |
| 2026-04-22 | 895 |
| 2026-04-23 | 895 |
| 2026-04-24 | 855 |
| 2026-04-25 | 895 |

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## Risk disclosure

Unlisted shares are illiquid and can lose their full value. They're illiquid, prices can swing sharply, and a quoted price is only as good as the next willing buyer at that level. Polemarch does not guarantee any return on any share. Talk to a SEBI-registered investment adviser before you put money in. Past performance is not a forecast of future returns.

Canonical (live): https://polemarch.in/invest/imagine-marketing-limited
Operator: Mithtech Innovative Solutions Pvt Ltd, Bengaluru, India.