boAt vs Noise: revenue, valuation and funding compared
The short answer
boAt reported the highest revenue, ₹2,931 crore in FY26, against Noise ₹1,048 crore in FY25. boAt and Noise were profitable in the latest year reported. Figures are for each company's latest reported year: FY26 for boAt, FY25 for Noise.
boAt and Noise are the two best-known Indian makers of earbuds, smartwatches and speakers, and the Noise profile names boAt as its main competitor. boAt is run by Imagine Marketing in New Delhi and has filed for an IPO. Noise is a Gurugram company founded in 2014 by the brothers Amit Khatri and Gaurav Khatri, and it remains private.
The years differ. boAt's latest numbers are for FY26 and Noise's are for FY25, so the two are not a like-for-like year. Every number on this page comes from the two companies' StopDown profiles, which tie each figure to the report behind it.
Side by side
| boAt | Noise | |
|---|---|---|
| Founded | — | 2014 |
| Based in | New Delhi | Gurugram |
| What it sells | Audio and wearables brand sold by Imagine Marketing | Gurugram maker of smartwatches, earphones and speakers |
| Status | IPO filed | Private |
| Revenue, latest year | ₹2,931 crore FY26 | ₹1,048 crore FY25 |
| Revenue, year before | ₹3,073 crore FY25 | ₹1,384 crore FY24 |
| Growth | -5% (FY25 to FY26) | -24% (FY24 to FY25) |
| Net profit (loss), latest year | ₹84.5 crore FY26 | ₹3.2 crore FY25 |
| Last disclosed valuation | — | — |
| Total raised | — | $30M (disclosed rounds) |
| Last round | — | Strategic investment, $20 million, Apr 2025 |
| Profile | boAt on StopDown | Noise on StopDown |
Scale
boAt is roughly three times the size of Noise on the latest figures. Its revenue from operations was ₹2,931 crore in FY26, down 4.6% from ₹3,073 crore in FY25. Noise reported ₹1,048 crore in FY25, down 24% from ₹1,384 crore in FY24. So both fell in their latest year, Noise by more.
boAt has entered Malaysia, Singapore, Sri Lanka and Bhutan, working with Opptra in the first two. Noise sells through e-commerce sites and its own website. The profiles give no store counts for either company.
Money
Both were profitable in their latest year, with very different margins. boAt's profit after tax was ₹84.5 crore in FY26, up 38% from ₹61.1 crore in FY25. Noise's net profit was ₹3.2 crore in FY25, on marketing spend of ₹180 crore and EBITDA of ₹18 crore, a margin of about 1.7%.
Neither profile carries a valuation figure, so none is given here. boAt's updated IPO papers target ₹1,500 crore, ₹500 crore of new shares and ₹1,000 crore sold by existing holders. Warburg Pincus's South Lake Investment holds 39.35%. Noise was self-funded until Bose invested $10 million in December 2023 and $20 million in April 2025.
Where they are heading
boAt's next big step is the listing itself, which depends on its IPO papers going through. It launched the CREST AI audio platform, built with Google Gemini, in September 2026, and Gaurav Nayyar became CEO in September 2025, when Aman Gupta moved to a non-executive role. Noise's profile lists no announced plans beyond its strategic funding from Bose.
The numbers behind the table
boAt: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY26 | ₹2,931 crore | ₹84.5 crore | revenue from operations; profit after tax |
| FY25 | ₹3,073 crore | ₹61.1 crore | revenue from operations; profit after tax |
Noise: revenue and profit by year
| Year | Revenue | Profit or loss | Note |
|---|---|---|---|
| FY25 | ₹1,048 crore | ₹3.2 crore | revenue from operations; net profit; total expenditure |
| FY24 | ₹1,384 crore | — | revenue from operations; total expenditure |
Noise: funding rounds
| Date | Round | Amount | Investors |
|---|---|---|---|
| Apr 2025 | Strategic investment | $20 million | Bose |
| Dec 2023 | Strategic investment | $10 million | Bose |
Questions people ask
Which is bigger, boAt or Noise?
boAt. It reported ₹2,931 crore of revenue from operations in FY26, while Noise reported ₹1,048 crore in FY25, its latest year in the profile. The years differ, but the gap is large.
Is Noise profitable?
Yes, narrowly. Noise reported a net profit of ₹3.2 crore in FY25 on revenue from operations of ₹1,048 crore. boAt is also profitable, with a profit after tax of ₹84.5 crore in FY26.
Who founded boAt and Noise?
boAt was co-founded by Aman Gupta and Sameer Mehta, with Gaurav Nayyar as CEO since September 2025. Noise was co-founded in 2014 by the brothers Amit Khatri and Gaurav Khatri.
Which has raised more money?
The profiles do not give boAt's past funding rounds, so a direct comparison is not possible. Noise took $10 million from Bose in December 2023 and $20 million in April 2025, and boAt's IPO plan is ₹1,500 crore including ₹500 crore of new shares.
Every figure on this page comes from the companies' StopDown profiles, which list the filing or statement behind each number: boAt, Noise. Revenue is revenue from operations unless the note says otherwise; valuations are as disclosed at a round or by the company; nothing here is investment advice. How StopDown counts.