Imagine Marketing

What Imagine Marketing does

Imagine Marketing Limited is an India-incorporated private consumer electronics company founded in 2016 and best known as the parent of the boAt brand, positioned as India's leading personal audio brand. The company designs, markets, and distributes audio products (earbuds, headphones, speakers), wearables (smartwatches, fitness trackers), charging solutions, and — as of February 2026 — automotive accessories under the HIVE dashcam series. Cumulative domestic unit sales exceed 34 million, and over 75 million units were manufactured in India between FY23 and Q1 FY26, with domestic production scaled to 76% of total output (up from 39.65% in FY23).

The business model is hardware-led and volume-driven. Revenue for FY25 totaled Rs 3,070.38 crore (approximately $365M) with net profit of Rs 61.08 crore — a reversal from prior-period losses. Distribution is multi-channel: boat-lifestyle.com (DTC), Amazon India, Flipkart, and select retail stores. Pricing follows tiered pay-as-you-go unit economics; HIVE dashcams span Rs 2,499 (entry-level E1) to Rs 9,990 (premium F1 with 4K and full ADAS suite). The customer base is the Indian mass market of individual consumers; no enterprise concentration is disclosed.

The company filed an updated DRHP with SEBI in October 2025 for a Rs 1,500 crore IPO (Rs 500 crore fresh issue and Rs 1,000 crore offer-for-sale) targeting ~Rs 13,000 crore valuation — its second IPO attempt after an initial 2022 filing. Fireside Ventures is identified as a long-tenured institutional investor. The listing has been deferred amid DRHP-related financial scrutiny and a 34% FY25 attrition rate, and co-founder Aman Gupta transitioned to a non-executive director role in March 2026 to pursue a separate venture (OffBeat Studios).

Name

Imagine Marketing

Legal name

Imagine Marketing Limited

Website

https://imagine-affiliate.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Affiliate Marketing Services

NAICS

Advertising Agencies (54181)

SIC

Services-Advertising Agencies (7311)

akta.pro primary industry

Affiliate & Partner Marketing (Performance Partnerships) (BPAFACAE)

Keywords

• Affiliate marketing management
• Performance marketing services
• Growth strategy consulting
• Publisher recruitment services
• Ecommerce marketing agency

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D

Revenue model

1. Audio Products Sales: Primary revenue driver with revenue of Rs 3,070.38 crore for FY25, primarily from personal audio products including earbuds, headphones, and speakers
2. Wearables and Charging Solutions: Diversified product categories including wearables and charging solutions, with over 34 million units sold domestically
3. Automotive Accessories: Expansion into automotive accessories category with HIVE dashcam series

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Imagine Marketing offers affiliate management, growth strategy, design, and BI consulting for ecommerce brands. The agency runs and optimizes client affiliate programs through publisher recruitment, commission optimization, creative and landing-page iteration, Amazon-specific affiliate management, and optional fronted ad spend on a CPA basis to lower client risk.

Product overview

Imagine Marketing Limited operates as a consumer electronics company under the boAt brand, which is India's leading personal audio and wearables brand. The company offers a portfolio of audio products (headphones, earbuds, speakers), wearables (smartwatches), and charging solutions. The brand has expanded into automotive accessories with the HIVE dashcam series. boAt has significantly scaled its domestic manufacturing to 76% of total production as of Q1 FY26.

Differentiator

Problem solved

Functional benefit

Products and services

• Affiliate Program Management

Quantifiable outcome

• Revenue of Rs 3,070 crore with profit of Rs 61 crore in FY25, reversing previous losses

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators8 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• Awin: Global affiliate network with managed-service offerings for brands; competes with Imagine's affiliate management services but at vastly larger scale, serving enterprise brands with cross-border programs.
• Rakuten Advertising: Affiliate and performance marketing network with agency-style services; directly comparable business model to Imagine's affiliate management offering, though serving larger enterprise clients.
• Impact: Partnership management platform with SaaS and managed-service tiers; competes with Imagine by enabling brands to self-manage affiliate programs, while also offering agency services for partners that prefer outsourcing.
• CJ Affiliate (formerly Commission Junction): One of the largest affiliate networks globally with agency services; comparable to Imagine in providing affiliate program management but serves Fortune 500 brands rather than DTC/scale-ups.
• Partnerize: Affiliate and partner marketing SaaS platform with agency services; directly comparable affiliate management capability, though typically serving mid-market and enterprise brands.

Emerging players

• Refersion: DTC-focused affiliate and influencer marketing platform; comparable to Imagine in targeting e-commerce/DTC brands with affiliate program management, though more productized and self-serve.

Direct peers

• PartnerStack: B2B-focused affiliate and partner management platform/network; closest comparable to Imagine in target customer profile (DTC and e-commerce brands) with both self-serve and managed options.
• FlexOffers: Affiliate network providing managed services for advertisers; comparable to Imagine in offering affiliate program management with publisher recruitment and optimization, focused on retail and DTC brands.
• Sovrn Commerce (formerly VigLink): Affiliate and commerce content monetization network; comparable to Imagine's affiliate channel focus, with publisher-side tools that complement advertiser-side management services.
• Tune (HasOffers): Performance marketing platform for affiliate, partner, and mobile marketing programs; comparable affiliate management capability to Imagine with both SaaS and managed-service offerings.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/imagine-marketing

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Imagine Marketing