Mumbai: Celebrated audio accessories brand BoAt, founded by Shark Tank host Aman Gupta, is now at the center of the controversy surrounding its IPO. The brand, through its holding company Imagine Marketing Limited, is hoping to raise ₹1,500 crore, after shelving its earlier plan of raising ₹2,000 crore when it first filed the Draft Red Herring Prospectus (DRHP) in January 2022.
According to a now viral LinkedIn post by market commentator Jayant Mundhra, the BoAt has been abandoned by the one supposed to be steering it, especially during this crucial time. Aman and co-founder Sammer Mehta resided from the board just 19 days after the company filed its DRHP, preferring to stand in the shadows as executive board members.
Concerningly, the DRHP has shown that almost 34% of the full time employees have resigned from the company, up from 27% in FY23 and 28% in FY24, cementing the concern about the company’s future.
Besides that, the company has been loss-making for years, with a sudden profit of ₹60 crore reported this year. Many allege that the company is hiding more than you think it is, even as auditors flagged concerns about the company paying its directors more than it should. Following this post, many netizens are having a field day discussing this development and the fate of the company’s upcoming IPO.
Dear @SEBI_India,
The BoAt is sinking. BoAt’s revenue dropped in FY25, yet it suddenly reported a ₹60 crore profit and is now planning to launch its IPO soon.
– 2022: ₹45 crore loss
– 2023: ₹129 crore loss
– 2024: ₹80 crore loss
– Many products are from China
-… pic.twitter.com/nyYtXgVj3W— Nalini Unagar (@NalinisKitchen) November 11, 2025
Although the company dominates the audio market in India, many of its products are still imported from China, while its design, algorithms, and other intellectual properties are developed in Singapore.
With Aman always in the limelight thanks to Shark Tank, how will he negotiate this negative publicity that’s befallen him? Only time will tell.
