New Delhi, Oct. 31 -- Five years ago, during the covid-19 pandemic, a crop of homegrown electronics brands flooded the market with near-identical smartwatches and wireless earbuds, leading to a race to the bottom as they vied to offer the cheapest versions of these commoditised products.

Gurugram-headquartered Imagine Marketing launched the brand boAt in 2016, and soon became the market leader in inexpensive smartwatches and earbuds. Nine years since inception, the company is now trying to turn itself around, setting its sights on premium devices as it attempts a Rs.1,500-crore initial public offering (IPO).

But the plan to sell more premium products may prove a stiff challenge for boAt, analysts said, even though India's overall electr...