The company’s layoffs have been on the rise since FY23, with 107 employees leaving this year, followed by 132 in FY24 and 161 in FY25. In the first quarter of FY26, 31 employees left the company in just three months, according to the updated draft issue prospectus (UDRHP) filed with the market regulator.
“Competition for senior management and other key personnel with technical and industry knowledge in our industry is intense, and we may not be able to recruit and retain suitable people to replace the loss of any of our senior managers in a timely manner,” it said.
As of June 30, the company had 553 employees, as well as 407 contractors, according to UDRHP. The firm also said that difficulties in recruiting and retaining qualified talent could adversely affect its growth and competitiveness.
“Although we have not experienced strikes or labor unrest in the past, we cannot guarantee that our relationship with our employees will remain cordial at all times,” the statement added.
Recently, Sameer Mehta, co-founder and CEO of Imagine Marketing (Boat’s parent company), moved to the role of executive director, while chief operating officer Gaurav Nayyar took over as CEO. Co-founder and chief marketing officer Aman Gupta has also moved into the role of non-executive director on the board of directors.
This management change comes at a time when the company is about to go public. Boat has also cut the funds it plans to raise through an IPO by a quarter. According to the updated prospectus, the company is looking to raise Rs 1,500 crore, which will include Rs 500 crore of fresh shares and an offer for sale (OFS) of Rs 1,000 crore by existing investors.
Boat reported an operating revenue of Rs 628 crore in the first quarter of the current financial year, up 11% from a year earlier. It posted a net profit of Rs 21 crore for the April-June period against a net loss of Rs 31 crore reported in the same period last year.
The company posted a net profit of over Rs 60 crore for FY2025, compared to a net loss of Rs 80 crore in the previous year, driven by product innovation and cost control. Consolidated revenue dipped marginally to Rs 3,098 crore from Rs 3,122 crore in FY24.
