A91 Partners to Realise ₹445 Crore from Atomberg Ahead of Proposed IPO

Consumer appliances maker Atomberg Technologies is moving closer to a public market debut, with its primary financial backer, A91 Partners, slated to cash out nearly ₹445 crore through share sales, according to the company’s draft red herring prospectus (DRHP).

A91 Partners initially backed Atomberg in 2019 during the company's Series A round and followed on with participation in its Series B financing in 2020. The fund deployed about ₹143 crore into the business, which included ₹118 crore as primary capital and ₹25 crore to acquire shares from existing shareholders. Despite the recent stake sales, A91 remains Atomberg’s largest shareholder, retaining a 21.02 percent holding.

The public-market filing highlights significant liquidity generation for early backers ahead of the proposed IPO. Existing shareholders have collectively completed secondary sales worth roughly ₹683 crore since 2019. Among them, Parampara Early Stage Opportunities Fund sold shares worth approximately ₹116 crore, emerging as the second-largest seller. Founders Manoj Meena and Sibabrata Das have also monetised parts of their holdings through these secondary transactions.

Founded by Meena and Das, Atomberg initially focused on energy-efficient BLDC ceiling fans. Over time, the company diversified its portfolio into kitchen and home appliances, adding mixer grinders, water purifiers, and cold-pressed juicers. Additionally, it operates a proprietary components business that supplies motors and controllers to other appliance manufacturers.

Atomberg's DRHP provides a look into its recent financial performance. Revenue from operations grew 34.8 percent to ₹1,293.77 crore in FY26, compared to ₹959.51 crore in the previous year. However, the company remains loss-making, posting a restated loss of ₹148.88 crore for FY26.

The proposed initial public offering includes a fresh issue of ₹450 crore alongside an offer for sale of 76.54 million shares. Atomberg intends to allocate a portion of the fresh capital toward debt repayment, brand building, and research and development to expand its appliance portfolio and distribution network.

"The upcoming public offering by Atomberg highlights a classic lifecycle trajectory for venture-backed consumer brands, where early institutional investors achieve substantial liquidity while retaining meaningful ownership stakes. While secondary transactions provide timely exits for early backers, the company's ability to scale its diversified appliance portfolio and manage profitability will remain critical as it transitions into a publicly listed entity." — Dr. Shishir Gupta, Founder & CEO, StartupLanes