Back in 2015 or 2016, Apple removed headphone jacks from iPhones, triggering a seismic shift in the audio industry and giving rise to a billion-dollar wireless earphones market. In today’s story, we dive into the incredible journey of Varun Gupta, the man behind Boult—a homegrown Indian brand that built a ₹700 crore earbuds empire without any external funding.
Boult has become a go-to brand for millions of Indians looking for quality and affordable earbuds and wearables. Here’s how it all began.
Humble Beginnings: Childhood and Education
Varun was born and raised in Delhi. He was a studious child and later pursued engineering. His academic journey took him into research in information retrieval, which landed him a stint at Yahoo in Spain.
After this, he pursued an MBA, where he made an unconventional choice—he opted out of summer placements to pursue a startup. He ran this venture during his MBA and later worked with an international media firm and then Snapdeal, which was riding the e-commerce wave.
Diving Into Startups and the E-Commerce World
By 2015, Varun had already started multiple ventures, including an e-commerce consulting business. This brought him in close contact with several offline-heavy brands and gave him a deep understanding of how brands function and how the e-commerce channel operates.
This journey led him to consult for many audio companies—both Indian and international—which exposed him to the gaps in the Indian audio market.
Identifying the Market Gap
By late 2016 and early 2017, Varun was spending significant time in China, where all audio products were being manufactured. He spent six months cracking the manufacturing puzzle. What he saw in the market was this:
- Commoditization of the Audio Space: Companies were competing solely on features and price, ignoring design.
- Boom of Wireless Audio: Apple’s removal of the headphone jack created demand for wireless audio solutions.
Armed with this insight, Varun and his team launched their first collection on Myntra in 2017.
The First Launch: A Story of Hustle
The road to launch wasn’t easy. They faced delays in shipments, logistics, certifications, and packaging. They got their first shipment just 48 hours before the Myntra End of Reason Sale. Varun and his family personally packed and delivered the products themselves.
With no capital to manufacture or source materials, they secured a ₹13 lakh loan against a purchase order from Myntra. Despite the hustle, the launch was a success, and the pre-orders validated their hard work.
Understanding the Audio Market in India
Boult primarily operates in the wearables segment, which includes:
- Smartwatches
- Audio (Personal and Home Audio)
Breakdown:
- Audio makes up 75–80% of Boult’s revenue.
- Smartwatches contribute about 20–25%.
- New categories like dash cameras and power banks are emerging but currently make up only 5–10%.
Personal Audio Segments:
- TWS (True Wireless Stereo) – 50% of the market
- Wireless Neckbands – 25%
- Over-Ear Headphones & Speakers – 20%
The Indian audio market is around ₹10,000–12,000 crore (~$1.5 billion), and 70–75% of this trade happens online.
The Competition
In the TWS category, which is ₹4,000–5,000 crore in size:
- Boat leads with a 30% market share.
- Boult is second with a 14% market share.
- Other players include Noise, Mivi, Xiaomi, Realme, Vivo, OnePlus, Apple, JBL, and Sennheiser.
Interestingly, Indian brands hold around 75–80% of the TWS market share in India.
Knowing the Customer
- 80% of Boult’s customers are men
- 40% of demand comes from South India
- 25% from the West
- 75% of customers are aged between 15–35
The customers often commute, stay connected to smartphones, and consume a lot of entertainment.
Breaking Down the Unit Economics
For a product priced at ₹2,000, here’s the cost structure:
- Manufacturing Cost: Must be under ₹1,000 (~50%)
- Distribution Cost: 25–30% (varies for online/offline)
- Logistics: 5–7%
- Marketing (Brand + Performance): 10–15%
- Returns & Service: 5%
- Cost of Capital: 2.5–3%
- Overheads (Office, Salaries, etc.): 5%
If your product cost is under 50%, you can retain healthy margins as a D2C entrepreneur.
The Hard Truth About Entrepreneurship
Varun reflects on the reality of building startups:
- Failures are part of the journey. It’s critical to know when to pivot or shut down.
- Emotional attachment to your business can hold you back.
- Entrepreneurship is lonely, especially in the early years. It takes time to build a team and community.
- Not everyone is meant to be an entrepreneur. It requires courage, persistence, and resilience.
Conclusion
The story of Boult is more than a business success. It’s about spotting a market shift, building against all odds, and scaling with a clear vision and understanding of Indian consumers. Varun Gupta’s journey is a testament to the power of bootstrapping, data-driven decision-making, and relentless hustle.
FAQs
Q1. Who is the founder of Boult Audio?
A: Varun Gupta is the founder of Boult Audio.
Q2. When was Boult founded?
A: Boult was launched in 2017.
Q3. Is Boult an Indian brand?
A: Yes, Boult is a completely Indian brand, headquartered in India and catering to Indian consumers.
Q4. How big is the audio market in India?
A: The Indian audio market is worth approximately ₹10,000–12,000 crore (~$1.5 billion).
Q5. What percentage of Boult’s revenue comes from audio products?
A: Around 75–80% of Boult’s revenue comes from audio products.
Q6. How did Boult start with zero funding?
A: Boult secured a ₹13 lakh loan based on a purchase order to manufacture its first batch of products, which the founder and his family packed and delivered themselves.
Q7. What is the market share of Boult in TWS in India?
A: Boult holds a 14% market share in India’s TWS (True Wireless Stereo) segment.
