Made in India technology brand Boat has hired ViVek Gambhir, one of the most successful Indian corporate veterans, as its new CEO. Gambhir’s previous job was a seven-year-old stint with Godrej Consumer, a company that he managed to turn around with his stewardship and business acumen. Gambhir had left Godrej in September 2020.
Gambhir was also the founding member of Bain & Company’s consulting operation in India and played a critical role in consolidating the company’s FMGC & telecommunication operation in India.
Commenting on the appointment of new CEO, Boat’s CO-founder Aman Gupta said “Gambir is an Industry veteran and has a proven track record in growing organization, improving operations and delivering stellar results to stakeholders.”
“Boat will benefit from his insights and knowledge as it looks forward to next phase of growth,” Gupta added.
On his appointment, Gambhir said “while Boat has made tremendous progress, this is just the beginning. We’ll strive to be more innovative, harness newer growth opportunities and build a distinctive culture.”
Meanwhile, Boat is on a roll. With improving bottom line and top line amid growing demand for its products, the company recently scooped up a $100 Mn funding from PE firm Warburg Pincus. Founded in 2016, the brand has managed to grab a sizable market share in the earphone and lifestyle accessory segment market.
The company said that it will use the massive $100 Mn funding to focus primarily on R&D and also to ramp up its supply chain in the South East Asian Market.
In FY2020, Boat’s revenue surged past Rs 500 crore and the company is aiming to double these numbers in the next financial year.