Noise is an Indian direct-to-consumer smartwatch and audio brand, operated by Nexxbase Marketing Private Limited and based in Gurugram, backed by Bose.

This Startup Deep Dive explains what Noise does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Noise in Brief

• What it is: Noise is an Indian Consumer electronics (smart wearables and audio) company based in Gurugram.
• Who it serves: online shoppers, retail customers, marketplaces and distribution partners.
• Sells smartwatches, wireless earphones and speakers under the Noise brand.
• In FY24 wearables made up 79.8% of revenue and audio 19.7%.
• Sells through e-commerce platforms and its own website.
• Funding: About $30 million from Bose across two rounds ($10 million in 2023 and $20 million in 2025).

Noise Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Noise?

Noise operates in the Consumer electronics (smart wearables and audio) space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Noise.

• Sells smartwatches, wireless earphones and speakers under the Noise brand.
• In FY24 wearables made up 79.8% of revenue and audio 19.7%.
• Sells through e-commerce platforms and its own website.
• Launches a new product almost every month, with 30 or more products on offer.
• Expanding abroad, first to the UAE and then the UK and EU.

The Origin Story of Noise

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Amit Khatri, Gaurav Khatri.
• Started in 2014 as a mobile accessories seller before moving into wearables.
• Founded by cousins Amit Khatri and Gaurav Khatri; Gaurav Khatri leads the company as CEO.
• Remained bootstrapped until its first outside funding from Bose in 2023.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Consumer electronics (smart wearables and audio) sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2014: Noise founded as a phone accessories seller.
• FY23: set up a wholly owned subsidiary, Noise Lab Co., in China.
• December 2023: first outside funding, $10 million from Bose, valuation reported at about $420-460 million.
• FY24: revenue from operations Rs 1,431 crore, EBITDA positive.
• April 2025: Bose invested a further Rs 172 crore (about $20 million).
• FY25: revenue fell to Rs 1,048 crore; small net profit aided by a deferred tax gain.

Noise Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• December 2023: $10 million from Bose (its first outside funding), valuation reports range from $420 million to about $460 million; Bose took about 2.17%.
• April 2025: Rs 172 crore (about $20 million) from Bose via 4,915 compulsorily convertible debentures at Rs 3,45,833 each, estimated as a flat round at about $470 million.
• Bose is the only external investor.
• In 2023 the company had reportedly sought $40-50 million.

How Does Noise Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to online shoppers, retail customers, marketplaces and distribution partners, sales cycles and contract size matter as much as headline growth.

• Direct-to-consumer and marketplace sales of value-priced wearables and audio.
• Sells at lower prices than similar-feature global brands and avoids heavy discounting, per its co-founder.
• Procurement of materials is the biggest cost, at Rs 989 crore (67.7% of expenditure) in FY24.
• Marketing spend was Rs 286 crore in FY24 and fell to Rs 180 crore in FY25.

The Numbers: Noise Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY23: revenue from operations Rs 1,426 crore.
• FY24: revenue from operations Rs 1,431 crore (other tallies give Rs 1,384-1,394 crore; reports differ); net loss Rs 20 crore (one report says Rs 22 crore); EBITDA margin 0.83%.
• FY25: revenue from operations Rs 1,048 crore, total revenue about Rs 1,065 crore, down roughly 23-26% depending on base; net profit Rs 3.2 crore, helped by a Rs 47 crore deferred tax gain.
• FY25 total expenses about Rs 1,067 crore.

Market Opportunity for Noise

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising internet and smartphone use, growing online retail, digital payments, quick commerce and a younger consumer base that is open to new brands. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• IDC data showed Indian wearables shipments fell 11.3% in 2023 to 119 million units, with smartwatches down 34.4%.
• Noise was reported as India's top smartwatch brand for 13 consecutive quarters per IDC, and led smartwatches in October-December 2024 per another report.
• Noise shipments fell 13.9% in the June 2024 quarter.

Technology and Product at Noise

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are supply-chain reliability, brand trust, product quality, data on customer behaviour and the efficiency of fulfilment.

• Products include smartwatches with health tracking and wireless audio.
• Has a China subsidiary (Noise Lab Co.) and a 50% joint venture with Stelltek Technologies.

Team and Culture at Noise

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Gaurav Khatri is co-founder and CEO.
• Amit Khatri is co-founder (an Outlook Business article refers to him as a former co-founder; reports differ).
• Employee benefit expenses were Rs 78 crore in FY24, including Rs 6 crore ESOP cost.

Noise Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Noise

• Revenue fell about 24% in FY25 as the wearables market slowed.
• FY25 profit was driven by a one-off deferred tax gain rather than operations.
• Shrinking market share in some categories and a slowing Indian wearables market.
• Dependence on a single outside investor and on imported components.
• Competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated.
• Customer acquisition cost: paid marketing can become expensive and erode margins as a brand scales.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Noise Growth Outlook: What to Watch

• Expanding into the UAE, UK and EU.
• Marketing spend was cut by 37% in FY25 in an effort to improve efficiency.
• Key indicators: repeat purchase rate, average order value, gross margin, contribution margin and customer acquisition cost.
• Funding position: Whether Noise can reach its next milestone before needing new capital.
• Regulation: Changes from consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Industry Context: Where Noise Fits

India's consumer market is large, young and increasingly online. Rising smartphone and internet use, digital payments and faster delivery have helped direct-to-consumer brands, marketplaces and quick-commerce platforms reach customers who once relied on local shops. Established companies, marketplaces and new brands now compete for the same shoppers.

Success in consumer businesses usually depends on a clear brand promise, repeat customers and healthy unit economics, not on sales volume alone. Companies that control quality, understand customer needs and manage marketing costs tend to build more durable brands than those that grow mainly by discounting.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Noise

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Noise.

Bull case

• A growing base of online shoppers expands the potential market.
• Strong brands can earn repeat purchases and pricing power.
• Distribution through marketplaces, quick commerce and stores widens reach.

Bear case

• Heavy competition and discounting can hurt margins.
• Rising marketing costs can slow profitable growth.
• Supply-chain or quality problems can quickly damage trust.

Lessons Founders and Investors Can Take from Noise

Studying a company in the Consumer electronics (smart wearables and audio) space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Noise.

• A clear brand identity and consistent product quality matter more than short-term sales spikes.
• Repeat customers lower acquisition costs and make growth more profitable.
• Controlling the supply chain helps protect quality and margins as volumes grow.
• Selling across several channels, such as own website, marketplaces, quick commerce and stores, reduces dependence on one platform.
• Healthy contribution margins are a better sign of progress than revenue growth alone.

How to Evaluate Noise as a Startup

• Customer clarity: Can Noise name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Noise is part of India’s growing Consumer electronics (smart wearables and audio) ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Noise FAQs: Frequently Asked Questions

What is Noise?

Noise is an Indian direct-to-consumer smartwatch and audio brand, operated by Nexxbase Marketing Private Limited and based in Gurugram, backed by Bose. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Noise?

Noise was founded by Amit Khatri, Gaurav Khatri, and the company reports a founding year of 2014.

How much funding has Noise raised?

About $30 million from Bose across two rounds ($10 million in 2023 and $20 million in 2025). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Noise make money?

Noise earns revenue from its Consumer electronics (smart wearables and audio) products and services sold to online shoppers, retail customers, marketplaces and distribution partners. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Noise?

Reported rivals include boAt, Fire-Boltt, JBL, Sony. See the competitor comparison above for how they differ.

What are the main risks for Noise?

Main risks include competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated, funding and capital needs, competition and regulation by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations. This is educational content, not investment advice.

Related Startup Deep Dives: Zeno Health — Zeno Health raised $25M Series C for generic pharmacies | Bachatt — Bachatt raised $12M Series A led by Accel. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.