Currently, about 20% of the company’s products are manufactured in India, and that share is expected to increase to over 60% in the next six months
Currently, about 20% of the company’s products are manufactured in India, and that share is expected to increase to over 60% in the next six months
Amid growing demand for wearables and hearables, domestic consumer technology company Noise plans to more than double its sales to about £2,000 billion in the current financial year (2022-23), a senior company official has said.
The company also plans to expand its Made in India product portfolio to manufacture approximately 60% of its products locally and to expand into international markets within this year.
“Things have been going really well for the past two years,” said Gaurav Khatri, co-founder of Noise Peppystores. “We have not only seen good growth in sales, but also in the team and in the product portfolio. The brand’s main focus is on the wearable and hearable categories… we’re seeing over 100% growth in terms of net revenue. We completed 2020-21 north of ₹350 crore and expect to exceed ₹850 crore in 2021-22.”
He added that the company has reached an annual run rate of £1,400bn and with the expectation of growth in the categories Noise operates in, he expects sales to be around £2,000bn in 2022-23.
“It’s been a very good year, not just for Noise, but for the category as a whole…COVID has given us all an opportunity to rethink and prioritize our health, which has helped the wearable category,” he said.
“Working from home, a rise in OTT consumption and internet penetration have helped the audio category,” he said, adding that hearing aids and wearables are becoming part of consumers’ lifestyles and no longer just a fashion accessory.
When asked about international expansion, Mr. Khatri said there is a dedicated team currently conducting trials in the international market and trying to understand the mindset of consumers in those markets. “The idea is to first understand in which areas we are better suited with the minimal change in plan… You could probably see international expansion in as little as a month or as little as 12 months,” he added.
On manufacturing in India, he said the company’s goal is — for Indians, in India, by Indians, and it’s aggressively working toward that. Currently, about 20% of the company’s products are manufactured in India, and that share is expected to increase to over 60% in the next six months.
He also refuted reports of talks with Titan to sell the company. “Honestly, it was rumours. nothing came to me,” he said. When asked if Noise was open to an acquisition, he added, “…it’s very hard to say…if we get a really good partner maybe we could think about it, but I don’t think that’s the idea at the moment.” is.”
