Most of us block out noise, seeing it as an inconvenience distracting us from our goal. But what happens when you actually pay attention to that noise, listen to what it’s saying and do that instead? You build a 2,000 crore brand.
In a decade, Go Noise has gone from a bootstrapped D2C brand founded by two brothers to a market leader in the smartwatch segment in India. In FY23, Noise clocked over Rs 2,000 crore in revenue for the first, posting over 100% growth YoY. Impressive numbers like these are what prompted global audio giant Bose to lead a Series A funding round into Noise in December 2023, acquiring a 2.17% stake in the startup. How did Noise block out all the naysayers and crank up the volume just at the right time to achieve such success?
How Noise Built a Tech Empire from a Missing Phone Cover
The year is 2014. Amit Khatri and Gaurav Khatri, two cousins from Bikaner have noticed a gap in the market. When Gaurav couldn’t get his hands on a good smartphone cover in India, he asked Amit, who was in Hong Kong on work at the time, to get him one.
Wanting to address this unacceptable gap in the Indian market, the Khatri brothers set up Noise as as a smartphone cover and accessory brand. The pair didn’t spend any money on advertising and marketing in the initial years, operating primarily on a trading model using 7 crores of their savings as the working capital. As stylish phone covers started making their presence felt in the Indian market, they were able to generate an impressive 10 crores of revenue in the first year of operations.
However, competition began to rapidly increase in the segment and the average consumer’s willingness to pay for a smartphone cover fell as local sellers started providing a large variety of smartphone covers at cheap prices. Disillusioned but determined to cash in on the smartphone revolution, the Khatri brothers realised that with a phone at the centre of everybody’s lives, smartphone accessories and connected lifestyle devices would be the next big thing in the country.
So, in 2018, Noise pivoted towards the smart wearables and smart hearables market, a move that positioned it against major global competitors already making waves in India. At a time when smartphone accessories were either unreliable or unaffordable, Noise was able to establish itself in a dependable middle-ground, offering quality products at prices that didn’t shatter the eardrum.
Noise was one of the first brands in India to offer truly wireless earbuds, the Noise SHOTS, and also designed India’s first smartwatch. Rooted in addressing the consumer need gap their products are a testament to their core philosophy: affordability meets trendy design with features that don’t skimp. This winning combination resonated with Indian consumers like a perfectly tuned bassline, propelling Noise to the top of the smartwatch market and a key player in the wireless hearables market within a few short years.
The Masterminds Behind the Music
The two brothers were on very different career paths when the idea for Noise first came up. Amit had worked in the merchandising industry for a few years before he set up his own business in 2007. His business served as a supply chain partner for leading fashion labels such as H&M, Calvin Klein, Gap, Marks & Spencer and Vero Moda, across India and the Far Eastern region.
Gaurav meanwhile had completed his commercial pilot training from the Philippines. He was expecting to join some airline and settle there. But after a rough few years, he began looking for alternate career options. He always had a knack for technology which he credits to the era he grew up in. In the 90s and early 2000s, with gadgets such as PlayStation, iPod, and the first feature phones taking over young minds, Gaurav became fascinated with technology which manifested in his desire to create a brand in the personal lifestyle tech category later.
Learning the ropes of business from his cousin brother provided a good starting point for him and when they both realised the gap in the smartphone cover market in India, there was no looking back.
In their own words, the Khatri brothers say, “There is a noise within each one of us, the burning flame that’s constantly pushing us to follow our dreams.” It is this inner noise that drove Amit and Gaurav to found Noise.
Among the biggest reasons for their early success, they say, was identifying trends early. They started selling smartwatches in 2016, becoming the pioneers of what has become a must-have gadget in India. They launched their first Truly Wireless Stereo (TWS) product that same year. They focused on user-friendly features from the get go, offering smartwatches with bluetooth calling and earbuds specially designed for gamers. This consumer-centricity has been the foundation of their sustained success.
Becoming A Homegrown Hero With Plans to Go Global
Noise has been on a remarkable growth trajectory in the past few years, expanding beyond just a D2C brand and establishing presence in over 8000 retail outlets across the country. In 2023, Noise held a category-leading 27.6% market share in the Indian smartwatch segment.
A focus on expanding the portfolio basis consumer preferences, offering attractive price points, an emphasis on building a digital community, and getting the right partners on board have all contributed to Noise’s growth. The company is expecting to continue this upward trend with a projected 70% YoY growth in this financial year.
While continued growth has meant their bottom line has taken a hit due to rising expenses, Noise still falls in the somewhat rare category of a homegrown digital-first brand that is profitable. In FY22 Noise posted a net profit of 35.5 crores which plunged to just 88 lakhs the following year. Amit Khatri sees this as a necessary step for the company, “The segments in which are currently present are still at a growth stage in India. They are growing at about 50% target growth this year. So I think expanding our reach and getting deeper into the category we’re already present in will further fuel our growth.”
Beyond India, Noise also has plans to make waves in the global markets. With a deep focus on design, R&D and consumer-centricity, the brand has already started testing international waters. Describing the larger vision for the brand, Amit says, “Over the years, we have seen many international brands coming in to India. We want to break that clutter and build a global, connected lifestyle brand where we can offer great product and the right pricing.” At the same time, Noise remains committed to local manufacturing, with over 95% of its production happening in India. A few year ago, Noise became the first homegrown brand to ship over 3 million locally made smartwatches, championing the Make in India initiative.
The Noise is Getting Louder
Noise’s journey from a startup to a market leader in India is a testament to its ability to understand consumer needs and deliver innovative products at competitive prices. With its strategic approach, focus on design, and an ever-expanding product portfolio, Noise is well-positioned to not only maintain its dominance in the Indian market but also become a major player in the global wearable tech scene. As they venture into uncharted territory, Noise’s ability to adapt and innovate will be key to their continued success. Whether it’s conquering new markets or integrating with the evolving tech ecosystem, Noise’s commitment to providing stylish, feature-rich, and affordable wearables promises a bright future for the brand. So, keep an ear out – the Noise is only going to get louder.
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Written By: Nimesh Bansal
