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boAt's co-founders Aman Gupta, Sameer Mehta witness 91% pay decline in over 3 years
boAt co-founders Aman Gupta and Sameer Mehta's annual salary packages have declined from Rs 6 crore in FY2019 to Rs 50 lakh in the first half of fiscal 2022
boAt co-founders Aman Gupta (L) and Sameer Mehta (Right)
Consumer electronics device company boAt's co-founders Aman Gupta and Sameer Mehta have witnessed a 91.67% cut in their remunerations over the past 3.5 years. Gupta and Mehta's annual salary packages have declined from Rs 6 crore in FY2019 to Rs 50 lakh in the first half of fiscal 2022, according to the company's previous DRHP filing with the Securities and Exchange Board of India. Imagine Marketing, the parent company of boAt, has filed the second Draft Red Herring Prospectus (DRHP) but through the confidential pre-filing route this year. Storyboard18 contacted boAt for information on Gupta and Mehta's current compensation, but the company refused to comment.
Mehta and Gupta account for more than 50% of shares in boAt, while investment firms such as Warburg Pincus, Malabar Investments, and Qualcomm Ventures hold nearly 45% of shares in the company.
Gupta, who is an Executive Director and Chief Marketing Officer of boAt, holds a post-graduate degree in management from the Indian School of Business, Hyderabad, and is a chartered accountant with the Institute of Chartered Accountants of India. He was associated with KPMG India Private Limited, Harman International India Private Limited before he started his entrepreneurship journey through boAt.
On the other hand, Mehta is the Chairman, Executive Director, and Chief Product Officer of the company. He holds a bachelor’s degree in commerce from the University of Mumbai. He also co-founded Redwood Interactive, which owned ‘RedGear’, a gaming brand in India.
As per the previous DRHP, boAt's Chief Executive Officer (CEO), Vivek Gambhir, remuneration was Rs 1.2 crore as of April-September FY2022.
boAt has filed crucial documents with Sebi in April 2025, but its parent firm has clarified that this does not necessarily mean the company will proceed with the IPO. The confidential pre-filing route allows the IPO-bound company to withhold public disclosure of details under the DRHP until later stages.
Sebi introduced a confidential filing route in 2022 for companies to file the DRHP papers confidentially. This allows companies to shield sensitive business information from competitors, premature public scrutiny, and potential legal troubles.
boAt, founded in 2013, has become one of the leading domestic brands in India's wearable electronic device market, holding 26.7% market share as of the 2nd quarter of 2024. The company's losses halved to Rs 70.8 crore, and its revenue declined by 5% to Rs 3,285 crore in fiscal 2024.
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