Mumbai-based consumer appliances brand Atomberg Technology has secured $86 million in its latest Series C funding round.
Prominent investors like Temasek, Steadview Capital, Trifecta Capital, Jungle Ventures, and Inflexor Ventures participated in Atomberg’s recent Series C funding round. Their trust and financial backing affirm Atomberg’s potential to disrupt the Indian consumer appliance market.
Atomberg Technology’s impressive $86 million funding round marks a significant milestone in its journey to transform the Indian consumer appliance market. With a focus on engineering-led innovation, a strong product suite, and the support of prominent investors, Atomberg is poised to revolutionize the industry.
Atomberg’s plans to manage the funds
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Enhancing Manufacturing Capabilities and Product Suite
With the newly acquired funds, Atomberg plans to enhance its manufacturing capabilities, support new product launches, and strengthen its presence in key regions. This strategic move will enable them to solidify their position in India’s competitive consumer appliance market.
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Expanding into New Categories
Atomberg aims to expand into new categories, including kitchen appliances such as chimneys and cooktops, by the end of 2023 or early next year. This move showcases their commitment to meet evolving consumer needs and diversifying their product portfolio.
Here is what the co-founder has to say
Sibabrata Das, the co-founder of Atomberg Technology, mentioned that the company achieved a monthly revenue of over Rs 100 crore in March. It is currently operating at an annual revenue run rate of $150 million.
He also shared the company’s plans to expand into two new categories, specifically kitchen appliances such as chimneys and cooktops, by the end of 2023 or early next year.
Das further highlighted the strong market traction observed for Atomberg’s recently launched products: the mixer grinder and smart lock.
He mentioned that the smart lock stock sold out completely within one month, indicating high demand. Similarly, the mixer grinder has received positive early responses. The company expects it will contribute to 10% of the revenue by the next financial year.
How Atomberg is Revolutionising the Indian Consumer Appliance Market
Atomberg Technology’s disruptive approach, unwavering commitment to innovation, and customer-centric mindset have positioned them as a key player in the Indian consumer appliance market.
Atomberg gained recognition for its proprietary technology stack, specifically the ‘Brushless DC Motor’ (BLDC) technology used in their ceiling fans.
Through their focus on improving everyday lives through intelligent design, energy efficiency, and technological advancements, Atomberg is spearheading a revolution that aims to enhance the daily lives of Indian consumers.
About Atomberg Technology
Atomberg Technology was founded in 2012 by Manoj Meena and Sibabrata Das, both graduates of IIT-Bombay. The company is based in Mumbai, India. Initially, Atomberg focused on providing high-end technical products to prestigious clients such as the Defense Research and Development Organisation, Bhabha Atomic Research Center, and IIT-Bombay.
Atomberg gained recognition for its proprietary technology stack, specifically the ‘Brushless DC Motor’ (BLDC) technology used in their ceiling fans.
The BLDC technology provides energy-efficient and high-performance solutions, setting them apart from their competitors and garnering recognition.
Early investments
Jungle Ventures led Atomberg’s growth funding round, raising $20 million in December 2021.
A91 Partners spearheaded the Series A funding round and later participated in the Series B round with a contribution of ₹70 crores.
Additionally, VC firm Parampara Capital invested $1 million in a pre-Series A round in May 2016. This was followed by a ₹1 crore investment from Aar EM Ventures in July 2015.
In early 2022, Atomberg Technology inaugurated a sprawling manufacturing plant in Pune, spanning 350,000 square feet.
This state-of-the-art facility boasts a monthly production capacity of up to 750,000 fans. This facilitated Atomberg’s foray into kitchen appliances by manufacturing 25,000 mixer grinders monthly.
Notably, the company has achieved an impressive annual revenue run rate of ₹700 crores in the fan business. It has successfully served over 1 million households.
