Homegrown wearables brand Noise has raised $10 million from US-based audio equipment major Bose Corporation in a deal that values the Gurgaon-based company at around $420 million, according to ETtech report.
Bose has acquired approximately 2.4% stake, Noise said in a regulatory filing with the Registrar of Companies (RoC). Noise has issued 2,400 compulsorily convertible preference shares (CCPS) of Series A class for a total consideration of Rs 82.99 crore, or around $10 million.
According to a valuation report commissioned by Noise prior to the fundraise, the company was valued at around $300 million, as per the regulatory filings sourced from RoC.
The startup could raise more funding from other investors as a part of its Series A round, people aware of the matter said.
Noise had announced the deal with Bose Corporation last Monday, saying the latter was buying a minority stake in what is Noise’s first fundraise. At the time, the company had not disclosed the investment amount, or the percentage of stake acquired by Bose, citing a non-disclosure agreement.
An email query sent to Noise did not elicit a response at the time of publishing. Meanwhile, a spokesperson for Bose said, “All the information we are sharing on our investment in Noise is included in the (December 18) press release. We have no additional detail to provide.”
