Consumer Appliances Startup Atomberg Raises Rs.70 Crore in Series B Led by A91 Partners
The Mumbai-based startup Atomberg Technologies that manufactures energy-efficient and smart fans, has raised Rs.70 crore in series B round of funding led by A91 Partners. Trifecta Capital and Survam Partners also invested in this round of funding.
Till date, Atomberg has raised a total of Rs.90 crore from A91 Partners, IDFC Parampara and Survam Partners.
The fresh fund will be used for amplifying distribution networks across all metro and non-metro cities, apart from using it for building brand awareness. The fund will also be used for ramping up the production capacity. Atomberg further plans to expand the current product portfolio to bring more product categories under its umbrella.
Manoj Meena, CEO & Co-Founder of Atomberg Technologies said, “Over the last 12 months, we have grown significantly across all channels. Our offline distribution has grown by leaps and bounds, and we have been also consistently been one of the top brands in ecommerce in our category. Our new product launches across ceiling, pedestal and exhaust fans have been very successful. We have successfully scaled up to an annual revenue run rate of Rs.150 crore plus and we are bulling about continuing this rate of growth for the next few years. With this fresh round of funding, we strongly believe we have the right ammunition required to create the kind of consumer brand we visualized few years back.”
“We believe in partnering with founders building exceptional businesses for tomorrow’s India. Our partnership over the last one year has increased our conviction in the quality of business of Atomberg. They are introducing genuine innovation and design in the consumer electricals space and consumers are loving it,” said Abhay Pandey, Co-Founder of A91 Partners, which is founded by former Sequoia Capital India partners. The investment firms focus largely lies on high growth startups in consumer, technology, financial services and healthcare sectors in India.