Consumer electronics startup Atomberg raised ₹70 crores.
Consumer electronics startup Atomberg has raised ₹70 crores in its latest round of fundraising, led by venture capital firm A91 Partners. This Series B fundraising round also saw participation from Trifecta Capital and Survam Partners.
This latest round of funding means Atomberg has so far raised ₹160 crores (approx. $22 million). It had raised $10 million in Series A funding led by A91 Partners, along with Whiteboard Capital Fund and Survam Partners. Prior to that, it had raised $2.5 million from IDFC Parampara and Survam Partners.
Atomberg Technologies was founded in the IIT Bombay campus in 2012 by Manoj Meena and Sibabrata Das. It was the winner in the ‘Best on Campus’ category in The Economic Times Startup Awards 2019. Its fans use up to 65% less power when compared to regular fans.
Atomberg makes a range of energy-efficient fans. It has a manufacturing facility in Navi Mumbai with a capacity of 1 lakh fans per month. It has a distribution network of over 6,000 counters across the country; and is also present on major e-commerce portals in India.
Atomberg’s recent fundraising rounds
The company plans to use these funds to expand its portfolio of products as well as its production capacity. It has plans to launch home appliances like air coolers, mixers, and grinders, said the company’s co-founder Manoj Meena in an interview to BusinessLine.
“With this fresh round of funding, we believe we have the right ammunition required to create the kind of consumer brand we visualized a few years back,” said Manoj Meena, cofounder, and chief executive of Atomberg Technologies
“We have successfully scaled up to an annual revenue run rate of more than ₹150 crores and we are bullish about continuing this rate of growth for the next few years,” Meena added.
“Over the last 12 months, we have grown significantly across all channels. Our offline distribution has grown by leaps and bounds, and we have also consistently been one of the top brands in e-commerce in our category,” he further said.