Founder of Boat Steps Down Amid IPO Preparations, Launches New Venture OffBeat Studios

Financial Report:

OffBeat Studios Launch by Aman Gupta, Co-Founder of boAt

Overview

On March 3, Aman Gupta, co-founder of audio and wearables brand boAt, announced the launch of his new venture, OffBeat Studios. This marks Gupta's first entrepreneurial move since transitioning out of day-to-day operations at boAt.

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Key Details

• OffBeat Studios' business model, sector focus, funding structure, team, and launch timeline remain undisclosed.
• The branding features a stylised "OFF/BEAT" logo, but no further clarity is provided on the nature of the business.
• It is unclear whether OffBeat Studios will have a strategic association with boAt or operate independently as a founder-led initiative.

Leadership Transition at boAt

• Aman Gupta had earlier moved to a non-executive position on boAt's board as part of a leadership reshuffle at the company.
• In September 2023, the company appointed Gaurav Nayyar as Chief Executive Officer, while co-founder Sameer Mehta took on the role of Executive Director focused on strategy.

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IPO Approval for Imagine Marketing

• Imagine Marketing, the parent company of boAt, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
• The company confidentially filed for an IPO in April 2023 and is reportedly targeting a valuation of around Rs 13,000 crore.
• This marks boAt's second attempt to go public, with the company withdrawing its previous draft papers in January 2022.