Boult: ET Startup Awards 2024 | Bootstrap Champ: Boult dances to the beat of his own drum

In selecting the winner of the ‘Bootstrap Champion‘ title, the jury of the ET Startup Awards companies recognized for their success in creating substantial, scalable businesses without relying on venture capital.

Wearable manufacturer Boultthe country’s second-largest seller of wireless audio devices in the April-June quarter this year, stood out among candidates to achieve scale without resorting to external financing.

However, the category was hotly contested and ethnic wear startup Suta put up a tough fight.

The judges highlighted that Boult’s ability to self-fund in a category where competitors have raised large amounts of capital stood out, particularly given the scale and size of the company. “It is inspiring to witness Boult’s remarkable journey. Winning the Bootstrap Champ award is a testament to his ability to thrive in a competitive landscape through innovation, customer focus and strategic foresight. Boult’s growth trajectory from a self-funded local brand to a key player in the global marketplace is a testament to his ability to grow and thrive in a competitive landscape through innovation, customer focus and strategic foresight.” Consumer Electronics“It is commendable,” said the jury. Nandita Sinhasaid Myntra CEO.ET Startup Awards 2024: Lenskart scores 10/10 and takes top honours

In the June quarter, Boult held a 12.9% market share in the wireless audio devices segment, ranking second behind Boat, which is backed by firms including Warburg Pincus and Fireside Ventures. It recorded 47.1% year-over-year growth in shipments during the three-month period, according to IDC data.

Co-founder Varun Gupta He started selling audio products while working at e-commerce marketplace Snapdeal in 2015. The experience gave him a deep understanding of market issues and in mid-2017, he founded the company along with his brother Tarun, an investment banker in the US.

As demand for wireless audio products and smartwatches from Indian consumers grew, Boult moved up the ranks. While initially focusing solely on earphones and audio products, the company entered other segments such as smartwatches, neckbands and other electronic accessories.

ET Startup Awards 2024: Betting on innovation

“Seven years ago, we entered the direct-to-consumer space as a self-funded startup“We have been forced to fight our way through well-funded and international competitors, to overcome cost barriers that made it difficult for us to differentiate ourselves. For us, starting from scratch meant starting from scratch with no external funding, just passion and perseverance, and focusing on creating a great product,” said Gupta.

ET Startup Awards 2024 | Startup of the Year: You don’t need glasses to see what Lenskart did in this space

“Today I am very happy that The Economic Times has recognised Boult as a champion of success. This award is a confirmation that resilience, patience and teamwork can turn dreams into reality. This award is for all entrepreneurs who pursue their vision with the little they have,” he added.

---

Other contenders

Sky Jumper

Electronic technology

SkyJumper builds and operates indoor activity areas in shopping malls, and also offers food and beverages at some locations. The company operates in metropolises such as Bengaluru, Delhi and Chennai, as well as in smaller cities such as Jalandhar, Karnal and Amritsar.

percent

Suta is a direct-to-consumer brand that sells women’s fashion products such as saris and blouses. The firm has 10 stores in cities such as Mumbai, Bengaluru, Chennai and Hyderabad. It also sells on marketplaces such as Myntra and Ajio.

Crew scale

Crewscale helps companies hire tech talent globally. It works with over 1.8 million developers from over 85 countries in regions including North Africa, Eastern Europe, and Southeast Asia. It counts Airbnb, Swiggy, Ola, Uber, and Unacademy among its clients.

Guarantors

Fyers offers a trading platform that allows individuals to invest in stocks, direct mutual funds, futures and options (F&Os), among other instruments.