Bose, the global audio electronics major, is entering the Indian startup market with a strategic investment in the Gurugram-based smart wearables brand, Noise. This investment, part of a larger Series A funding round, marks a departure from Noise’s previous bootstrapped status. The overall amount raised in the Series A fundraising round has not been disclosed.
“I am thrilled to welcome Bose Corporation as our first strategic investor in the series A fundraising round. While our bootstrapped journey propelled us to prominence in the Indian smart wearables domain, the alliance with the global leader in audio excellence will help us augment India,” Amit Khatri, co-founder of Noise, wrote in a post on LinkedIn.
Noise’s decision to seek external funding through a Series A round marks a strategic shift in its growth approach. The company has achieved staggering financial and consumer numbers, all through being a self-funded company. This partnership seeks to reimagine the future of smart wearables through a collaborative approach – in a nutshell, the new-found alliance between Bose and Noise extends beyond financial investment, emphasizing a shared passion for innovation, says Khatri. Bose’s strategic investment in Noise is expected to propel innovation in the audio space, a core component of Noise’s product portfolio. By enhancing research and design capabilities, Noise aims to stay at the forefront of evolving consumer preferences in the dynamic Indian market. The collaboration with Bose is anticipated to catalyze the development of differentiated products, positioning Noise as a pioneer in delivering cutting-edge technology to consumers. This emphasis on innovation aligns with the rapidly changing landscape of smart wearables.
Founded in Gurugram, Noise has undergone a remarkable evolution, transitioning from being largely a white labelled headphones provider to a heavyweight in the smart wearables landscape. Noise holds the second-highest market share of 13.5% in India’s crowded, low-cost wearables market, as per a report from International Data Corporation (IDC). Notably, Noise reclaimed its leadership position in the smartwatch segment with a commanding 27.6% share in H1 2023.
In the competitive landscape, Noise competes with boAt, the leader in the wearable space with a 26.6% share during H1 2023. Despite the stiff competition, Noise’s market positioning remains robust, recognized as India’s leading smartwatch brand for 13 consecutive quarters. Going forward, the Gurugram-based Noise plans to diversify into eyewear while expanding its offline presence, leveraging the strategic investment from Bose to fuel these ambitious growth plans.
Beyond the immediate financial injection, the collaboration with Bose opens avenues for Noise to expand internationally. “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. It’s an investment towards building a sustainable ecosystem and a reminder that innovation knows no borders and that together, we can achieve the seemingly impossible. So, as we gear up for 2024, the future’s looking loud, and we’re just getting started,” Khatri added.