Gurugram-based gadget and wearables brand Noise has secured its first-ever funding from global audio giant, Bose, during its Series A round, announced co-founder and chief executive Gaurav Khatri.
“Today, we celebrate a milestone moment: our first-ever strategic investment! Yes, you heard that right – After writing a successful playbook for the largest bootstrapped D2C brand over the years, we welcome Bose Corporation as our first investor in a Series A round of fundraising,” Khatri wrote in a LinkedIn post without disclosing the specific funding amount received.
“This isn't just about funding; it's about synergy: two tech giants, united by a passion for innovation, coming together to reimagine the future of smart wearables,” he said.
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According to International Data Corporation (IDC) report, in the first half of this year, Noise (Nexxbase) has claimed the second position overall wearables, exhibiting a remarkable 61.6 per cent year-on-year growth and securing a 13.5 per cent market share. Noise has reclaimed the top spot in smartwatches, boasting a 27.6 per cent share and an 93.2 per cent year-on-year growth. Additionally, it has ascended to the fourth position in the TWS segment, commanding a 6.6 per cent share and experiencing a 26.3 per cent year-on-year growth.
It’s Noise Colorfit Icon 2, Colorfit Icon Buzz, and Colorfit Pulse Go Buzz collectively contributed to 39 per cent of its overall shipments.
{{/usCountry}}It’s Noise Colorfit Icon 2, Colorfit Icon Buzz, and Colorfit Pulse Go Buzz collectively contributed to 39 per cent of its overall shipments.
{{/usCountry}}However, Noise witnessed a substantial decrease in net profit, plummeting to ₹88 Lakh in FY23 from ₹35.5 Cr in the previous fiscal year.
In contrast, the operating revenue experienced a surge, increasing to ₹1,426.5 Cr in FY23 compared to ₹792.8 Cr in FY22.
“This partnership is more than just a deal – it's a vote of confidence in the power of an Indian brand that holds the potential to augment India as a global engine,” CEO Khatri said.