Aman Gupta and Sameer Mehta founded Imagine Marketing in 2013, starting with Apple accessories. Investors largely passed on the idea early, so the founders bootstrapped and spent carefully. One investor said he would invest only if the two lived in the same city, since they were in different cities.
They saw a gap in India between cheap, poorly made accessories and expensive global brands. boAt launched in the middle with affordable cables and audio, backed by Gupta's marketing and Mehta's supply chain.
Revenue rose from about Rs 226 crore in FY19 to Rs 609.1 crore in FY20 and Rs 1,313.7 crore in FY21. Later investors included Fireside Ventures, Qualcomm Ventures and South Lake Investment, an affiliate of Warburg Pincus.
Revenue slipped from Rs 3,118 crore in FY24 to Rs 3,073 crore in FY25, with a net profit of Rs 60 crore. SEBI approved the IPO in 2025, and the issue was cut from Rs 2,000 crore to Rs 1,500 crore. In March 2026 Gupta reportedly stepped back from operations to launch OffBeat Studios.