The lack of quality and affordable bike accessories in India is a pressing issue for the country's burgeoning biker community.
BoboGears
Despite the massive growth in the number of bike owners, the market for bike accessories remains underserved. High-quality accessories are often priced exorbitantly, making them inaccessible to the average consumer. On the other hand, cheaper alternatives tend to be unreliable and of substandard quality, leading to safety concerns and dissatisfaction among users. This pressing issue fueled the inception of BoboGears, a brand committed to bridging the gap in the market. Founded by visionary entrepreneur Gaurav Garg in 2018, BoboGears (BOBO) was born out of a mission to disrupt the bike accessories market with innovative, reliable, and reasonably priced products. Excerpts of an interview below:
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1. Conception of the brand BoboGears and its journey so far
BOBO was conceptualized in Aug-2018 as a premium D2C brand of new-age tech products in automotive accessories space. In first 6 months, we launched many products and realized the real opportunity lies in the bike accessories where there was no good quality brand available in affordable price range. We launched the brand online and post COVID we forayed into offline space also. Our flagship product line focuses on bike mounts, available through BoboGears.com, Amazon, Flipkart and 300+ offline dealers across India. We received an excellent response from the market, evident from our achievements like becoming the no. 1 brand on Amazon in the bike mounts category, garnering over 20,000+ 5-star reviews, acquiring more than 5 lakh customers and achieving a monthly revenue of over INR 1 crore. Also, it is worth mentioning that all this is achieved in bootstrap mode only.
2. What are the top three factors that you think are helping the company cut through the competition?
1. Customer care – We strive for 100% customer satisfaction by providing hassle free 1 year warranty, which leads to positive word-of-mouth and hence increased organic reach.
2. No compromise on product quality – We use best quality raw materials and do proper quality checks for all our products, leading to less defects and more customer loyalty.
3. Art of selling online – Being a new-age brand, we were online first and in no time, we became the bestseller on Amazon because we knew the art of selling online based on our prior experiences. We also created many viral videos on YouTube, using top influencers, which led to enhanced customer trust in our brand.
3. Highlight the USP of BoboGears and mention the best-selling products that make most of your sales. What percentage of your sales is online vs offline?
Though we have high quality products with great customer reviews, but we consider our customer care as our USP because that’s where we really go above and beyond to make our customers happy and satisfied.
Our bestsellers are bike phone holders which starts at a price range of Rs. 1199/- and goes up to Rs. 7999/-.
As of Apr-2024, we have roughly 50-50 split between our online and offline sales.
4. What is the company's financial target for the fiscal 2024-25?
We are targeting INR 30 crore in revenue for FY 24-25. Also, we have been profitable from Day 1 and plan to maintain that status forever.
5. How big is the bike accessory market in India and the profitability scope for the homegrown companies operating domestically in the segment?
As per a report published in Feb 2024 by Verified Market Research, global 2-wheeler accessory market size was valued at USD 10.95 Billion in 2023 and is projected to reach USD 14.70 Billion by 2030, growing at a CAGR of 4.3%. Of this, bike accessory market in India is estimated to be around USD 5 Billion.
Market drivers for the bike accessory market in India are:
- Growing 2-wheeler sales automatically grows the accessory sales also
- Urbanization and traffic congestion led to need for navigation, comfort & safety accessories
- Growth of e-commerce propelled by faster deliveries
- Travel and recreation have gone up since COVID and will continue to increase in future
- Increased disposable income led to acceptance of premium products
It is slightly tough to get profitability in mass market segment, but it is fairly easy when the company is operating in premium and/or mass premium segments. BOBO is operating in mass premium segment and so it is operationally profitable from Day 1 and achieved company level profitability also in the 1st year of operations.
Today, BoboGears stands as a testament to what can be achieved when a brand listens to its customers and strives to meet their needs with integrity and excellence. Gaurav's vision for BoboGears extends far beyond current achievements, with ambitious plans to elevate the brand into a leading player in the bike accessories industry. Through relentless innovation and a steadfast commitment to customer satisfaction, BoboGears continues to shape the future of bike accessories in India, ensuring that bikers no longer have to compromise on quality or affordability.
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