boAt's employee attrition rises to 34% in FY25, risking talent continuity
Leadership reshuffle: Sameer Mehta shifts roles; Gaurav Nayyar appointed CEO
Q1 FY26 revenue ₹628 crore; FY25 turnaround profit ₹61 crore
Consumer-electronics maker boAt, preparing a downsized IPO, reported a sharp uptick in employee exits and a management reshuffle that investors may scrutinise ahead of the listing.
As per an ET report, boAt in its updated draft red-herring prospectus (DRHP) disclosed a full-time employee attrition rate of 34% for the year ended March 31, 2025, up from 28% the previous year.
The filings show a steady rise in voluntary departures across recent years, 107 employees left in FY23, 132 in FY24 and 161 in FY25, with 31 employees exiting in the first quarter of FY26 alone. The company said it employed 553 full-time staff and 407 contractual workers as of June 30, 2025, and warned that intense competition for senior and technical talent could hurt hiring and key-person continuity.
Boardroom Moves & Management Changes
The prospectus also records a leadership reshuffle. Co-founder and CEO Sameer Mehta has moved to an executive director role, Gaurav Nayyar, formerly COO, has been appointed CEO, and co-founder Aman Gupta has transitioned to a non-executive director role. The changes come as the company tightens its IPO plans and repositions senior management.
boAt is seeking to raise ₹1,500 crore in the public issue, comprising a ₹500-crore fresh issue and a ₹1,000-crore offer for sale by existing shareholders, after trimming its original fundraising target by about a quarter, the UDRHP shows. The company said proceeds will support working capital and brand-and-marketing spend.
boAt Financials
The firm reported operating revenue of ₹628 crore in Q1 FY26, an 11% year-on-year rise, and net profit of ₹21 crore for the April–June quarter, compared with a ₹31 crore loss in the same period a year earlier.
For FY25, boAt turned a profit of just over ₹60 crore, recovering from a prior-year loss; consolidated revenue for FY25 was ₹3,098 crore, marginally down from ₹3,122 crore in FY24.
Rising exits among senior and specialised staff and near-term leadership changes may raise questions about execution risk at a critical growth-and-listing juncture. In the UDRHP the company acknowledged recruiting pressure and warned that failure to retain key personnel could impair competitiveness.
