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New Delhi: Noise, an Indian connected lifestyle brand is betting big on the government’s ‘Make in India’ initiative, with its aim to manufacture 80 per cent of its products in India in next 8-10 months, said Gaurav Khatri, co-founder of the company in an interaction with ETRetail. Currently, it makes over 40 per cent of its wearables in the country.
The bootstrapped company forayed into local manufacturing after a few years of its inception in 2014. Presently, it is working with Optiemus Electronics Limited (OEL), a leading electronics manufacturing service (EMS) provider to boost production in India.
In FY22, its total revenue stood at Rs 850 crore. The company has grown almost 2.5 times in the last fiscal as compared to its revenue of Rs 350 crore in FY21 and expects more than 100 per cent year-on-year growth this year. Currently, its offline sales contribute about 20 per cent to its overall business.
The digital-first smartwatch brand also sees strong potential in tier 2 and 3 cities, as a significant part of consumers still prefer an offline experience of buying commodities. Its 65 per cent sales come from tier 2, 3 & other cities, and about 35 per cent business comes from tier 1 and metro cities.
According to the International Data Corporation’s (IDC) India monthly wearable device tracker, about 23.9 million wearable devices were shipped in April-June quarter this year, growing by 113 per cent year-over-year (YoY). Almost 38 million units were shipped in the first half (Jan-Jun) of 2022 growing at 65.8 per cent YoY, supported by new launches, discounts, and marketing.
Being in a highly competitive and growing market, Khatri said the company’s main focus is on consumer centricity, innovation and design.
Further, speaking about latest technological advancements, he said the brand launched Noise Labs early this year, a tech incubator where the focus is on creating first-of-its-kind products for New Age India – specialised in conceptualising and designing innovative products.
It is working with specialised partners like Bragi to launch new concept products in India soon, which Khatri believes to be a game changer. Under Noise Labs, the brand also came with its first pair of smart sunglasses mid of this year.
Sharing the plans of increasing the headcount, the company said it has over 300 employees, and aims to have 500 employees by the end of 2022 across all departments and teams, including research and development (R&D).
Currently, Noise is present across 8,800 offline retail stores in India and has also penetrated in large format retail.
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