Indian smartwatch start-up brand Noise reportedly entered talks about holding its first ever fundraising round, as it seeks to build on momentum established in the country’s wearables market.
Bloomberg reported Noise is in talks with potential investors to raise around $40 million to $50 million to add to its product line and boost market share.
Noise is owned by e-commerce company Nexxbase Marketing.
The start-up is likely to generate some interest among investors, given IDC figures showed 100 million wearables were sold in the country in 2022.
Noise was founded in 2014 by brothers Amit and Gaurav Khatri and registered success with its low-cost smartwatch strategy of selling devices for between $18 and $85, which are proving more popular than higher-end options from Apple and Samsung, as well as budget options from Chinese vendors.
IDC data for Q1 showed Indian vendors are increasingly dominating the wearables market in the country, holding 84 per cent of all sales, with Noise accounting for 27 per cent of those.
Bloomberg noted wearables is one of the rare segments where Indian vendors have a strong position, with the smartphone market in the country mainly dominated by Chinese vendors including Vivo, Xiaomi and Oppo.
Navkendar Singh, associate VP at IDC Asia Pacific, added Chinese vendors were too focused on adding features to smartphones and had “completely lost sight” of the fast-growing accessories segment.