The counter-trend: boAt’s founders show what true commitment looks like in consumer tech
BoAt’s next phase of growth is being built on a rare combination in India’s consumer-tech landscape: a professionally run, founder-led company where the founders continue to remain deeply invested—financially, strategically and operationally.
boAt’s co-founders Sameer Ashok Mehta and Aman Gupta currently have 50% ownership in the company and are selling only a small stake (only up to 75Cr and 225Cr respectively). Both of them will continue to hold one of the highest equity stakes (45-49%) among founders of any listed consumer-tech company, an emphatic signal of long-term commitment, skin in the game and enduring belief in the company’s growth trajectory.
This is in sharp contrast to several leading digital-first brands where founder shareholding has diluted significantly ahead of public listings. Among India’s leading digital-first and D2C consumer-tech companies, boAt stands out for having founders with one of the highest levels of long-term ownership and commitment. While several well-known new-age brands have witnessed substantial founder dilution ahead of or after their listings, boAt represents a rare counter-trend. The Swiggy founders (including Sriharsha Majety and Nandan Reddy) hold approximately 6.66% of the company’s shares collectively. Deepinder Goyal holds approximately 3.83% to 4.43% of Zomato shares. The promoter holding in Honasa Consumer is approximately 35%, with the co-founder, Varun Alagh, holding about 31.93% and his wife, Ghazal Alagh, holding the remainder. In sharp contrast, boAt’s co-founder Sameer Mehta continue to remain deeply invested both financially and operationally in the role of an Executive Director.
The top 3 shareholders – Aman Gupta, Sameer Mehta and South Lake Investment Limited who collectively own nearly 90% of the company, are monetising only a small portion of their holdings, underscoring the strong internal conviction behind boAt’s business fundamentals and strategic direction.
Co-founders Sameer Mehta and Aman Gupta, together since 2013, have focused on Research and Development in the company besides building the brand and supply chain efficiencies. Their leadership is now complemented by Chief Executive Officer Gaurav Nayyar and a cross-functional senior management team with deep experience across consumer, electronics, finance and technology.
Sameer Mehta, executive director, remains hands-on not only in strategy but also in product innovation, supported by boAt Labs, the company’s in-house R&D centre that powers feature development across audio, wearables and charging solutions.
Additionally to retain and attract talent across engineering, product, design and supply chain, the company has instituted three SEBI-compliant ESOP schemes including ESOP 2019, Management Stock Option Plan 2021 and ESOP 2023, ensuring long-term alignment between employees and shareholders.