Noise eyes ₹2,000 crore revenue in 2022-23

Currently, about 20% of the company’s products are being manufactured in India, and it is expected to go up to more than 60% in the next six months

With growing demand for wearables and hearables, homeg-rown consumer technology firm Noise is looking at more than doubling its revenue in the current financial year (2022-23) to about ₹2,000 crore, a senior company official said.

The company also plans to increase its ‘made in India’ product portfolio to manufacture about 60% of its products locally, and foray into international markets within this year.

“Things have been really good in the last two years,” Gaurav Khatri, Co-founder of Noise told The Hindu. “We have seen good growth not just in revenues but also in terms of the team and the product portfolio. The prime focus of the brand is the wearable and hearable categories...we are doing a growth of over 100% in terms of the net revenues. We closed 2020-21 north of ₹350 crore and expect to cross ₹850 crore in 2021-22,”

He added that the company had achieved an annual run rate of ₹1,400 crore and with the expectation of the growth in the categories Noise operates, he expects the revenue to be about ₹2,000 crore in 2022-23.

“It has been a very good year not just for Noise, but for the entire category… COVID has given all of us a chance to rethink our health and to take it on priority, which has helped the wearable category,” he said.

“Work from home, an increase in OTT consumption and internet penetration has helped the audio category,” he said, adding that hearables and wearables are becoming part of consumer lifestyle and are no longer just a fashion accessory.

Asked about international expansion, Mr. Khatri said there is a dedicated team for this which is currently doing trials in the international market and trying to understand consumer psyche in these markets. “The idea is to first understand what are the areas where we are more suitable with the minimal change in the plan…You could see international expansion as early as probably a month’s time or as late as maybe 12 months,” he added.