Synopsis
Aman Gupta has raised Rs 100 crore in seed funding for his new venture, Offbeat Studios, led by Bessemer Venture Partners. While details about the startup's offerings are not disclosed yet, it is expected to back early-stage ideas. Meanwhile, Boat has delayed its IPO despite returning to profit.Gupta did not disclose further details, including other participating investors or the startup’s offerings.
“Having built from scratch before, I know what capital can do and what it cannot. This time, I was looking for partners with a global perspective who can help me leverage technology and AI, because that’s where the future lies. Bessemer’s track record with companies like Anthropic, Shopify, Canva, and LinkedIn says it all,” he said in a post on X.
Gupta announced the launch of Offbeat Studios in early March, but did not disclose details at that time either. According to media reports, Offbeat Studios is expected to operate as a venture studio, supporting new ideas and founders from an early stage.
The move comes months after he transitioned to a non-executive director’s role at Boat at Boat last September. Sameer Mehta, cofounder and CEO of Imagine Marketing (the parent company of Boat), had switched to an executive director's role, with chief operating officer Gaurav Nayyar taking on the position of CEO.
In recent years, several founders have taken a similar path, stepping back from day-to-day operations to start new ventures.
This shift also comes as Boat has been exploring plans to go public. However, its IPO ambitions have faced hurdles after statutory auditors flagged discrepancies between quarterly filings made to lenders and the company’s books.
As a result, the company has reportedly delayed its listing plans. It had been looking to raise Rs 1,500 crore through the initial public offering (IPO), including Rs 500 crore in fresh shares and Rs 1,000 crore via an offer for sale by existing investors.
Coming to financials, Boat posted a net profit of over Rs 60 crore in 2024–25, compared to a loss of Rs 80 crore the previous fiscal year. However, its revenues dipped slightly to Rs 3,098 crore from Rs 3,122 crore.
