boAt, Reliance Jio partner for eSIM Smartwatch Launch Collaboration
boAt and Reliance Jio unite for an eSIM Smartwatch launch, merging efforts in wearable tech for an innovative collaboration
sociapanews Staff
boAt, a prominent brand in audio products and smartwatches, has joined forces with telecom giant Reliance Jio to introduce the Lunar Pro LTE smartwatch. This collaboration leverages Reliance Jio's eSIM technology to offer seamless connectivity for users.
The key highlight of the Lunar Pro LTE smartwatch is its utilization of eSIM connectivity, granting users the ability to make calls and send messages directly from the smartwatch, eliminating the need for a smartphone.
Designed to cater to outdoor enthusiasts, the smartwatch features built-in GPS for accurate activity tracking, ideal for activities like running and cycling. Additionally, it functions as a comprehensive fitness tracker, incorporating a heart rate monitor, blood oxygen monitor, sleep tracker, and alerts for sedentary behavior, promoting an active and healthy lifestyle.
Scheduled for release in the upcoming weeks, the smartwatch is poised to offer a multifaceted user experience.
In response to this collaboration, a spokesperson from Jio highlighted, "This partnership with boAt signifies our commitment to innovation, ensuring our customers access the best in technology."
Founded in 2015 by Aman Gupta and Sameer Mehta, boAt has a notable presence in audio and wearables markets, retailing headphones, smartwatches, and speakers. While firmly established in audio products, boAt aggressively invests in the Indian wearable market.
boAt disclosed a remarkable growth in its smartwatch segment, with revenues soaring over 50% year-on-year in FY23. Its overall operating revenue surged by 18%, reaching INR 3,376.7 Cr from INR 2,873 Cr in the previous fiscal year. Among this, audio products contributed INR 2,350.8 Cr, while wearables generated INR 901.5 Cr.
Despite the revenue uptick, boAt recorded its first net loss in FY23, amounting to INR 129.4 Cr, attributing it to strategic investments in bolstering the smartwatch category and expanding Make in India initiatives.
Since early 2022, boAt has been manufacturing its products in India, producing over 30 Mn units to date, with over 15 Mn units in FY23 alone. The company is actively collaborating with Indian electronic manufacturing services providers to fortify its manufacturing ecosystem in the country.
