Posted by Mumbai: Atomberg Technologies, a technology-led consumer product startup has raised $20 million in a growth funding round. Jungle Ventures with participation from Inflexor Ventures led this funding round.
Existing investors including A91 Partners and angel investor Ramakant Sharma, Co-Founder of Livspace also participated in this funding round.
The funding will be used to set up a new state-of-the-art manufacturing facility, scale-up in R&D activities to facilitate category expansion initiatives. It will also utilise funds to ramp up investments in new distribution and brands.
Founded by Manoj Meena and Sibabrata Das in 2012, Atomberg in total has raised $45 million since its inception. The company pioneered the ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India and have continuously innovated and improved on the technology since.
Atomberg fans are more energy-efficient and consume 65% less energy compared to traditional induction motors.
The consumer tech startup has been growing at over 200% year over year consistently in the last 6 years. Besides its e-commerce presence on Amazon and Flipkart, Atomberg has established its offline distribution network across 8000 counters in 150 cities. It also has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 150000 fans per month.
Atomberg will expand its presence into kitchen appliances with the launch of India’s first inverter-technology led mixer grinder, expected to hit the market in early 2022. The startup also aims to more than double its counter presence to over 20,000 in the next 18 months.
“Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from the pre-Covid times. Consumers across the length and breadth of the country have shown tremendous love for the brand and all our innovations so far,” said Manoj Meena, CEO and Co-Founder – Atomberg Technologies.
“This investment from Jungle Ventures and the confidence shown by our existing investors by participating in the round is another validation of the vision that we have to create a technology led consumer durable brand that solves real consumer problems,” added Meena.
“With Atomberg, we see a huge potential to create a horizontal small appliance electronics brand in India and beyond. It’s a fantastic business with tremendous growth potential, and we are incredibly excited to partner with the team, and support their next stages of growth,” said Arpit Beri, VP Investments – Jungle Ventures.
“We are very pleased to back Atomberg Technologies from Inflexor in their next phase of growth. They will continue to scale up and disrupt the consumer durables landscape with smart application of technology,” added Jatin Desai, Managing Partner – Inflexor Ventures.