Wearable devices and smartphone accessories brand Noise has formed a joint venture with II Jin Electronics to boost manufacturing of smart wearables in India.
A subsidiary of Amber Enterprises India, Il Jin Electornics will offer its expertise in manufacturing, resources and innovative capabilities to Noise for boosting its presence in the country.
The joint venture would look to solidify its Make In India commitment with a focus on enhancing local value addition through in-house infrastructure development for product assembly, hardware design, and component manufacturing while prioritising quality.
Commenting on the move, Amit Khatri, cofounder, Noise said, “As pioneers in the industry, our commitment to delivering high-quality ‘Made in India’ smart wearables is unwavering. Looking ahead, this partnership will leverage our expertise to enhance domestic manufacturing, fuel category expansion, and stimulate ecosystem-wide growth.”
Launched in 2014 by Amit and Gaurav Khatri, D2C electronics brand Noise claims to manufacture over 95% of wearable and connecting electronic devices in India.
The smartphone accessories brand reported a net profit of INR 35.5 Cr in FY22, an 8% increase from INR 32.8 Cr in FY21. The total income for the earphones and smartwatch manufacturer surged more than twofold, increasing to INR 804.9 Cr in FY22 from INR 352.4 Cr in FY21. Meanwhile, revenue from operations experienced a 126% rise, climbing to INR 792.7 Cr in FY22 from INR 350.5 Cr in the previous fiscal year.
According to an International Data Corporation’s study, India is set to become one of the largest wearables markets by the end of 2023, accounting for 26% of the total units shipped around the world.
Out of 492 Mn units sold last year globally, India shipped about 100 Mn.
Noise is not the only Indian brand looking to invest in manufacturing locally. Adressing Inc42’s ‘The D2C Summit 4.0’, D2C brand boAt’s cofounder Aman Gupta said, “Pre-Covid, 0% of our products were made in India. Cut to 2023, and 70% of our products are now made in India.”
The trend for local manufacturing also comes in light of the Indian government’s various initiatives, including a production-linked incentive scheme for electronic hardware manufacturing introduced in 2021.
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