Homegrown consumer electronics brand Noise, which primarily sells smartwatches and audio devices, said Monday it has raised Series A funding from global audio and electronics giant Bose Corp.
Noise said other investors are likely to join the funding round soon. It didn’t disclose the amount Bose invested.
Founded in 2014 by Gaurav Khatri and Amit Khatri, Noise is a smart gadget and wearables brand. The company was bootstrapped so far and is one of the leading players in the smartwatch segment.
“As we looked at the opportunity to reach more people with the benefits of our technology in India, investing in Noise became an obvious choice,” said Nicholas Smith, senior vice president, strategy and business development at Bose.
“Their leadership in the wearables category and understanding of their customers will allow us to collaborate and bring new, differentiated products to a growing market,” Smith added.
Noise claims it is the number two brand in the true wireless stereo segment in India. “Bose’s belief in us validates our relentless pursuit of innovation, aimed at delivering transformative technology for today’s consumer,” said Amit Khatri, co-founder of Noise.
In the financial year through March, Noise’s revenue from operations jumped nearly 80% to Rs 1,426 crore from Rs 793 crore the year before. Its net profit declined 97% in FY23 to Rs 1 crore from Rs 35.5 crore in FY22, due partly to higher advertising and employee costs.
Haitong International served as the banker to Noise for the transaction.
Noise competes against the likes of homegrown company boAt, which is backed by the likes of Warburg Pincus and Fireside Ventures, as well as players like Realme, Amazefit, PLAY, and Fire-Boltt.
