Consumer electronics giant Bose has marked its first external capital infusion by strategically investing in Noise, a smart wearables brand based in Delhi.
While the company didn't reveal the financial details of the deal, Amit Khatri, Co-founder of Noise, said the investment is part of its larger Series A funding round.
How will it benefit Noise?
According to media reports, The development will offer strategic benefits beyond financial support, like assistance in expanding into international markets and leveraging Bose's global presence.
The global wearable technology market, as of 2022, was valued at $61.30 billion and is projected to grow at a compound annual growth rate (CAGR) of 14.6% from 2023 to 2030.
Additionally, Noise will gain access to Bose's advanced research and development capabilities. Notably, the partnership between the two companies is anticipated to drive innovation in the audio space and cater to evolving consumer preferences, particularly in the Indian market.
Noise's financial growth
Noise, transitioning from a bootstrapped to a funded company, has shown impressive growth. In FY22, the company reported a 126% increase in revenue and a 7.35% rise in profit.
With plans to expand into eyewear and increase its offline presence, Noise aims to achieve a revenue of Rs 850 crore by FY23. The growth has been bolstered by Noise's recognition as India's leading smartwatch brand for 13 consecutive quarters, according to IDC Worldwide Wearable Device Tracker.
What does the leadership say about the partnership?
Speaking about the partnership, Amit Khatri, Co-Founder, Noise, said, It’s about the right partnership at the right time, and we firmly believe that our strategic alliance with Bose will be a pivotal juncture in our journey towards revolutionizing the future of smart wearables realm. Bose’s belief in us validates our relentless pursuit of innovation, aimed at delivering transformative technology for today’s consumer. We are excited to partner with a company like Bose whose technical expertise and global experience will help us augment our capabilities and elevate our offerings.
Nicholas Smith, senior vice president, strategy and business development at Bose, said: 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 “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.
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