Disclaimer: This isn’t fiction—keep reading!

Imagine a brand that started in 2014, selling smartphone accessories. By 2017, they pivoted into consumer electronics and hit over INR 2,000 Cr in revenue by FY23—all while staying bootstrapped.

Yes, you read that right! Bootstrapped!

Fast forward to December 2023, and the US giant Bose Corporation invested INR 80 Cr for a 2.4% stake, valuing this brand at INR 38,400 Cr!

Any guesses?

It’s not some Silicon Valley fairytale—this is the journey of Noise—an Indian homegrown brand that’s currently taking the consumer electronics market by storm with, reportedly:

• 13% market share in the overall smart wearable industry
• 25.6% market share in smartwatches
• 117% YoY growth in TWS (Truly Wireless Stereo) devices

From inception to pivot to being valued at 38,400 Cr! That’s making some noise! (Pun intended)

Let’s now get to the 10X playbook of Noise!

The Plunge That Made Noise – On To Consumer Electronics!

Gaurav and Amit Khatri kicked off “Noise” to ride the smartphone wave that was sweeping India in 2014. For three solid years, they sold smartphone cases and covers—both online and offline—raking in a cool INR 24 Cr in 2017, all while staying profitable!

But as the market flooded with competition, the ASP (Average Selling Price) of cases and covers tanked. 📉

Plus, the Khatri brothers weren’t interested in being just “that accessory brand.”

The tech-savvy Gaurav never missed a day to read about what’s hot in the tech world. The first-gen earpods by Apple in 2016 and ‘The Samsung Gear’ smartwatch in 2013 had been selling in millions (units) every year – and the space had surely interested him, but he did not have the tech expertise.

Deep down, the Khatri brothers knew they had to jump into the smartwatch game before global giants dominated the space in India.

But how? They didn’t have the tech, right?

Well, Gaurav and Amit did what every Indian does when stuck—pulled off some classic jugaad!

Their big move?

In 2016, they dove into smartwatches, a tricky space where you needed to master operating systems, pack in sensors and algorithms, build solid hardware, and convince people to buy a gadget they’d never used before!

They leaned on their tech partners in Taiwan and China for sensors and design. Slowly but surely, they learned the ropes. Noise started investing heavily in R&D, bringing design and tech in-house. Assembly, UI, and UX were already happening in India.

By 2017, Noise was all in on smartwatches—and by 2018, they’d expanded to TWS too!

All About Consumers – Product Development, Tweaks, Everything!

Noise’s first smartwatch, the ‘U8,’ launched on Amazon in 2017, was a flop. But Gaurav and Amit didn’t back down. Instead, they listened closely to customer feedback and took it to heart.

By the following year, they made a comeback with the ColorFit and NoiseFit series—absolute game-changers. These smartwatches were a massive hit, and some customers still swear by them, even today!

Some products by Noise still miss the mark, but the insights? Absolutely golden!

In the words of Gaurav Khatri (CoFounder of Noise), “When you get two good feedbacks and five negative ones, it gives you so much motivation to keep trying better and know exactly what to fix.”

Track The Competition, Find An Edge!

The market was buzzing with new players like Xiaomi and GoQi, but they weren’t hitting the sweet spot. They either nailed functionality or pricing—not both.

Noise, with ColorFit and NoiseFit, gave consumers the best of both worlds: top-notch utility without burning a hole in their pocket! 

Noise zeroed in on what clicked with the Indian consumer. From designing smartwatches tough enough for the Indian climate to adding a cricket mode (because, well, it’s India!), they didn’t just create products people wanted—they made ones the consumers needed. And it paid off big time!

“If you have a relatable USP, people will pay for it. But if you have a me-too product, you’ll keep fighting on price, and eventually, you kill the market,” Gaurav rightly pointed out in a podcast!

So far, Noise has around 35 SKUs, including smartwatches, TWS earpods (both ANC and gaming), and the flagship ‘Luna Ring!’

Influencers, Influence & The Timing!

When Noise entered the wearables market, they knew they couldn’t just be another player—they had to be the star of the show! So instead of positioning themselves as just another tech brand, they flipped the script, presenting themselves as a lifestyle brand that screamed “cool.”

And what’s the secret sauce for winning over India? Sports and Bollywood, of course!

They didn’t just pick celebrities but timed their collaboration to perfection—like Virat Kohli when he became captain across all formats, Rishabh Pant after his iconic Test win at Lords, and Rohit Sharma when he was named national cricket captain.

The same went for athletes like Neeraj Chopra and Bollywood stars like Taapsee Pannu.

Sure, this strategy wasn’t cheap, but it sent their sales skyrocketing year after year!

Winning Over Consumers, One Quarter At A Time

Noise didn’t rise to the top overnight. They climbed the ladder quarter by quarter, focusing on small wins and steady gains.

Instead of flooding the market with products, they zeroed in on quality—tweaking and refining until they hit perfection.

The strategy? Simple. Know when to shift gears. Some years were all about maximising profits, while others were dedicated to heavy marketing and winning over new consumers.

Their finances tell the story. In FY22, they made a cool INR 36 Cr in profit, but the next year, PAT dropped to INR 88 lakhs. Why? Because they poured money into marketing and, in return, gained millions of new customers and sold millions of units.

“Winning is addictive,” Gaurav says, and, have they been on a winning streak? – you tell us!

And Finally, The Big Fundraiser – More Noise!

Bose Corporation Infused INR 80 Cr In Series A Funding For A 2.4% Stake

In December 2023, Noise made waves with a funding move that turned heads worldwide. This wasn’t just any partnership—it was a statement! By investing in Noise, Bose Corporation sent a clear message: they weren’t sitting on the sidelines. Instead, they were ready to back the #3 player in the wearables game and take on giants like Apple and Samsung.

For Noise, this was exactly what they needed—global exposure. Suddenly, they weren’t just an Indian success story. They were on the global stage, ready to play with the big leagues!

Facing The Giants: The Competitive Landscape

Noise is a powerhouse today, but their journey has been anything but smooth. The consumer electronics space? It’s no playground—it’s a battlefield. And Noise is going toe-to-toe with some serious heavyweights.

Yet, despite the stiff competition, they’ve managed to carve out a space for themselves. Competing with giants like Apple and Samsung, Noise didn’t just survive—it’s thriving. It’s a testament to their bold moves and relentless focus on what customers really want.

Apple. Samsung. Boat!

These are just a few of the Goliaths in the wearables market. To give you some perspective, Apple and Samsung command the lion’s share with premium offerings, Boat has carved a niche with budget-friendly alternatives.

Let’s talk numbers.

In the past year alone, Noise shipped close to 12 million devices—a staggering leap from the 2 million units they were pushing just a few years ago. To put this in context, they’re now churning out nearly 1 million devices a month. Now, that’s keeping pace, literally and figuratively!

This strategy of incremental growth and relentless improvement has allowed Noise to hold its ground against the giants, even as the stakes get higher.

Expanding the Symphony

As they look to the future, Noise isn’t resting on their laurels. They’re exploring new frontiers in audio and beyond. They’re not just playing the same old tune—they’re constantly remixing, innovating, and staying ahead of the trends.

So, all-in-all, if you’re a D2C founder, there’s a lot to learn from Noise’s journey. They’ve shown that with the right mix of consumer obsession, product differentiation, and strategic agility, you can make some serious noise in any industry!

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That’s all for this edition!

Keep your eyes and ears open—you might hear more Noise!