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Bose doubles down on Noise with $20 Mn investment

EntrackrEntrackr · 4m ago
Bose doubles down on Noise with $20 Mn investment
Medial

Exclusive: Bose doubles down on Noise with $20 Mn investment The board at Noise has passed a special resolution to issue 4,915 compulsory convertible debentures at an issue price of Rs 3,45,833 each to raise Rs 172 crore or $20 million. After entering the Indian wearables and hearables space with a strategic investment in Noise in 2023, Bose Corporation has made a fresh investment of Rs 172 crore ($20 million) in the gadget and wearable brand. This marks the second funding round for the Gurugram-based company since its inception. The board at Noise has passed a special resolution to issue 4,915 compulsory convertible debentures at an issue price of Rs 3,45,833 each to raise Rs 172 crore or $20 million, its regulatory filing sourced from the Registrar of Companies (RoC) shows. The issued debentures will carry a nominal interest rate of 0.001% and will eventually be converted into equity shares at a later stage. The company plans to utilize the funds to cover operational expenses, expand, enhance brand visibility, meet working capital needs, and support other business activities as approved by the board, the filing added. According to Entrackr’s estimates, the latest investment comes in as a flat round, valuing the company at $470 million — a slight uptick from its Series A valuation of $460 million. For the uninitiated, Bose is the only external investor in Noise. Noise sells smartwatches, wireless earphones, and speakers through e-commerce platforms and its own website. The company also holds a major share of the smartwatch market. The fresh investment from Bose follows a major product milestone: Noise’s launch of an audio device powered by “Sound by Bose.” Noise reported a revenue of Rs 1,431 crore with EBITDA profitability for the fiscal year ending March 2024. It competes with the consumer electronics brand boAt, which recently filed DRHP with the Securities Exchange Board of India under the confidential route. boAt reported Rs 3,122 crore of revenue during FY24 with a 45% reduction in losses to Rs 53.5 crore in the same period.

Nykaa acquires majority stake in Earth Rhythm

EntrackrEntrackr · 8m ago
Nykaa acquires majority stake in Earth Rhythm
Medial

Omnichannel beauty platform Nykaa has acquired a majority stake in the homegrown clean beauty brand Earth Rhythm. This acquisition follows Nykaa's earlier minority stake investment in Earth Rhythm in 2022. The company has now secured a significant majority stake through a combination of primary and secondary transactions. Leveraging its ecosystem and expertise, Nykaa aims to drive Earth Rhythm's growth across various categories. The platform plans to enhance the brand's potential by focusing on innovation, marketing strategies, and omnichannel distribution, while maintaining Earth Rhythm's core values and unique positioning. Founded in 2019 by Harini Sivakumar, Sivakumar Varadarajan, and Arun Kumar, Earth Rhythm is an internet-first brand offering a diverse range of organic beauty products. Its portfolio spans skincare, hair care, makeup, and lip care, featuring items like face masks, toners, hair oils, shampoos, conditioners, lipsticks, and lip balms. The brand is known for its vegan, cruelty-free, biodegradable products made without artificial fragrances. Headquartered in Gurugram, Earth Rhythm previously raised $9.13 million from Anicut Capital and other investors. The brand has built a strong presence by offering clean, clinically effective beauty and personal care solutions. Earth Rhythm has experienced significant progress in a short period, demonstrating strong sales growth, customer acquisition, category expansion, innovation, and brand awareness. With a catalog of over 250 SKUs across six categories, it continues to expand its market presence. Nykaa, an omnichannel marketplace in beauty, wellness, and fashion, offers a wide range of private labels, including skincare brand Dot & Key, jewelry line Pipa Bella, and apparel brands Gajra Gang and Kica. In the beauty and fashion space, Nykaa faces competition from major players like Amazon, Flipkart, Myntra, and niche platforms such as Purplle.

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