Meet the startup that’s shaking up Xiaomi, JBL, and Apple

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Hello readers,

While some of us were hyped up about the new episode of Attack on Titan last week, Redditors had organized an “attack” of their own against hedge funds, Wall Street’s own titans. This is probably old news to many of you by now, but check out the memes on Twitter if you haven’t – they’re my source of entertainment these days.

And since we’re talking about Reddit versus Wall Street, basically David versus Goliath, let’s also dive into the Indian wearables startup that has gone up against Chinese consumer electronics giants and even beat them in popularity.

Today we look at,

• The wearables brand that’s more popular than Apple in India
• The fundraise of a Hong Kong-based startup that digitalizes supply chains
• Other newsy highlights such as India’s plans to ban private cryptocurrencies and Kuaishou’s record-setting IPO

PREMIUM SUMMARY

BoAt in full sail

Where do you go when you’re looking for earphones? Xiaomi, JBL, or Apple? Those names might be popular worldwide, but in India, people turn to local wearables brand BoAt instead. And get this, the startup is currently the fifth-largest wearables brand in the world.

• “New phone, who dis?:” Launched in 2016, BoAt began by selling mobile cables and chargers. The company’s popularity soared when it started making wireless audio devices and engaged popular singers, movie stars, and members of the national cricket team as its brand ambassadors.
• Pandemic + China boost: Covid-19 has given BoAt’s hearables – wearable gadgets for ears – a boost as people shifted to remote work and virtual meetings. And with the India-China political tensions, Indian consumers were more inclined to buy from a local wearables brand like BoAt over other Chinese companies.
• From sea to shining sea: BoAt is said to be EBITDA positive since inception and has already crossed US$68.4 million in revenues. The company also did exceptionally well in its most recent FY2019 financials.

Read more: Rocking the BoAt: How an Indian startup beat Chinese giants at their game

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