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

While selecting the winner of the ‘Bootstrap Champ’ title, the jury of the ET Startup Awards celebrated companies for their success in building substantial and scalable businesses without relying on venture capital.

Wearables maker Boult, the second largest seller of wireless audio devices in the country as of the April-June quarter this year, stood out among the candidates for achieving its scale without tapping external funding.

However, the category was tightly contested with ethnic wear startup Suta putting up a tough fight.

Jurors remarked that Boult’s ability to be bootstrapped in a category where competitors have raised large amounts of capital stood out, particularly given the company’s scale and size. “It is inspiring to witness the remarkable journey of Boult. Winning the Bootstrap Champ award is a testament to their ability to thrive in a competitive landscape through innovation, customer-centricity, and strategic foresight. Boult’s growth trajectory, from a bootstrapped homegrown brand to a key player in consumer electronics, is commendable,” juror Nandita Sinha, CEO, Myntra, said.ET Startup Awards 2024: Lenskart gets 10/10, bags top honours

During the June quarter, in the wireless audio devices segment, Boult had a 12.9% market share being at the second position behind Boat, which is backed by the likes of Warburg Pincus and Fireside Ventures. It recorded 47.1% year-on-year growth in shipments during the three-month period, according to IDC data.

Cofounder Varun Gupta first cut his teeth at selling audio products when he was working at ecommerce marketplace Snapdeal in 2015. The experience gave him a deep understanding of the issues with the market, and by mid-2017 he founded the company along with brother Tarun, an investment banker in the US.

As the Indian consumer’s demand for wireless audio products and smartwatches grew, Boult climbed its way up the ladder. While focused only on earphones and audio products in the beginning, the company entered other segments such as smartwatches, neckbands and other electronic accessories.

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“Seven years ago, we entered the direct-to-consumer space as a bootstrapped startup, navigating our way through funded and international competitors, cost barriers, making it harder to stand out. For us, bootstrapping meant building from the ground up with no external funding, just passion and persistence, and focusing on building a great product,” Gupta said.

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“Today, I’m thrilled that Boult has been recognised as the Bootstrap Champ by The Economic Times. This award is a validation that resilience, patience and teamwork can turn dreams into reality. This award is for every founder out there chasing their vision with whatever little they’ve got,” he added.

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Other contenders

SkyJumper

ETtech

SkyJumper builds and operates indoor activity areas in malls, also providing food and beverages in some locations. The firm has operations in metros like Bengaluru, Delhi and Chennai, as well as small towns like Jalandhar, Karnal and Amritsar.

Suta

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

Crewscale

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

Fyers

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