Bose Corporation Provides $ 10 Million in Funding for Noise, Valued at $ 420 Million
Local wearables company Noise has raised $10 million from big US audio equipment manufacturer Bose Corporation in a transaction valued at approximately $420 million for the Gurgaon-based business.
According to Noise's regulatory filing with the Registrar of Companies (RoC), Bose has bought roughly a 2.4 percent share. For a total payment of Rs 82.99 crore, or almost $10 million, Noise has issued 2,400 Series A compulsorily convertible preference shares (CCPS).
Based on regulatory papers obtained from RoC, the company was valued at approximately $300 million, according to a valuation report that Noise had commissioned before the campaign.
As part of its Series A investment, the business may be able to raise more capital from other investors.
Noise had disclosed the agreement with Bose Corporation on Monday, stating that the latter was purchasing a minority share in Noise's inaugural fundraising effort. The money invested or the portion of the business that Bose had bought was not made public at the time by the firm.
Over the previous three fiscal years, Noise has expanded at an incredibly rapid rate in terms of scale, and its operating income increased by 79.8 percent to Rs 1,426 crore in FY23 from Rs 793 crore in FY22
Via online retailers and their own website, Noise offers speakers, wireless earbuds, and timepieces. In the first half of 2023, the business held a 27.6 percent market share in the smart watch category.
Over the previous three fiscal years, Noise has expanded at an incredibly rapid rate in terms of scale, and its operating income increased by 79.8 percent to Rs 1,426 crore in FY23 from Rs 793 crore in FY22.