Sameer Mehta, co-founder and CEO of Imagine Marketing, the parent company of wearables, electronics and audio startup, Boat, has stepped down from the top position and will now become the Executive Director ahead of a planned public market debut.
Mehta was the CEO after Vivek Gambhir, chairperson of the board, transitioned in July 2023.
Who will replace Sameer Mehta as CEO of Boat?
The company’s chief operating officer (COO), Gaurav Nayyar, who was appointed from Bain & Company only in October 2022, has been promoted to the top position and will lead the company as CEO.
Why did the leadership change at Boat?
It is likely that Boat wants to operate in a different way as it gears up for an initial public offering (IPO).
“I look forward to driving Boat’s next chapter with their (the founders) support, as we further build on our various growth vectors and deliver enduring value for our customers, partners, and shareholders,” Nayyar said in a prepared statement.
How many CEOs has Boat had?
Nayyar will be the third CEO at Boat after co-founder Mehta and Chairperson Gambhir in a span of under three years.
What happens to Aman Gupta?
Aman Gupta, the co-founder and chief marketing officer at Boat, will transition to the role of a a Non-Executive Director on the board of the company.
“When Sameer and I started boAt, our ambition was to build something bold, enduring and impactful and the journey so far has exceeded my expectations. Over the past several years, Sameer has done an outstanding job as CEO leading the company and preparing it for this next stage in its evolution. I’m proud of what we have accomplished together and equally excited to see Gaurav take the helm," Gupta said.
Boat's IPO details
Markets regulator SEBI has approved the initial public offering (IPO) of electronics brand boAt's parent, Imagine Marketing, according to a document from the regulator published on Tuesday.
boAt, known for its headphones and smart watches, confidentially filed for an IPO in April. The Warburg Pincus-backed firm is targeting a valuation of Rs 13,000 crore, according to reports.
This marks the company's second attempt to go public. Previously, the company had filed draft papers in January 2022 for floating a Rs 2,000-crore IPO. This comprised a fresh issue of equity shares worth Rs 900 crore and an offer for sale (OFS) aggregating up to Rs 1,100 crore.
Established in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing offers a product portfolio ranging from audio gear and smart wearables to personal grooming products and mobile accessories.
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