Smart wearable brand Noise formed a joint venture with II Jin Electronics to boost the manufacturing of products in India. The joint venture will look forward to consolidate its commitment for in-house infrastructure development for product assembly, hardware design and component manufacturing. Besides, it will strive to further its goals under Make in India initiative, the company said in a statement.
II Jin Electronic, backed by Amber Enterprises would lend its expertise to Noise in manufacturing, resources and innovative capabilities to expand its growth in the country.
Noise in FY22 reported a net profit of Rs 35.5 crore, an eight per cent increase from Rs 32.8 crore in FY21. The overall income in the segment of earphones and smartwatches climbed twofold, increasing to Rs 804.9 crore from Rs 352.4 crore in FY21. In terms of revenue, the company witnessed a 126 per cent rise, increasing to Rs 792.7 crore in FY22 from Rs 350.5 crore in FY21.
According to the International Data Corporation, India will be deemed as one of the largest wearable markets by 2023, accounting for 26 per cent of the total units ordered across the world.
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