Gurugram-based gadget and wearables brand Noise has closed its maiden funding round, with global audio powerhouse Bose leading the Series A investment. The tech firm, which was previously self-funded, did not disclose the specific amount received in this funding round.
In a statement on LinkedIn, Noise co-founder Amit Khatri emphasized the significance of this collaboration beyond mere financial support, describing it as a partnership between two tech giants driven by a shared passion for innovation. The collaboration aims to redefine the landscape of intelligent wearables and leverage the strengths of both companies.
Noise’s product portfolio comprises approximately 35 Stock Keeping Units (SKUs) featuring various smartwatches, wireless earphones, and wireless speakers. These products are distributed through e-commerce platforms and the company’s official website.
Recent data from the International Data Corporation (IDC) reveals Noise’s impressive market standing. The brand secured the second position in the wearables market, boasting a substantial 13.5% market share. Also, Noise regained its top position in the smartwatch sector, capturing a 27.6% market share in the first half of 2023.
Financially, Noise has experienced substantial growth, with revenue surging by 79.8% from Rs 793 crore in FY22 to Rs 1,426 crore in FY23. This places the company in direct competition with boAt, a key player in the Indian wearable space, which maintained its leadership with a 26.6% market share during the first half of 2023.
The infusion of funds from Bose provides Noise with the capital to fuel its continued expansion and opens the door to potential synergies between the two tech giants. This collaboration signifies a strategic move towards shaping the future of smart wearables and is anticipated to drive further innovation in the burgeoning market. As Noise continues to disrupt the wearables sector, this funding round marks a pivotal moment in the company’s journey towards becoming a dominant player in the industry.
