Mumbai-headquartered smart fans maker Atomberg Technologies on Tuesday announced that it had raised a Series B fundraise of Rs 70 crore led by A91 Partners.
The round also saw participation from Trifecta Capital and Survam Partners, the family office of the Suman Kant Munjal group. The company has previously raised a total of Rs 90 crore from A91 partners, IDFC Parampara, and Survam Partners
The startup said the fresh funds will be used for amplifying distribution networks across all metro and non-metro cities, and building brand awareness. The funds will also be used for ramping up production capacity. The company also plans to expand the current product portfolio to include more product categories other than fans built on the core value proposition of BLDC and motor technology.
“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 ecommerce in our category. Our new product launches across ceiling, pedestal, and exhaust fans have been very successful,” said Manoj Meena, CEO and Co-founder of Atomberg Technologies.
Founders of Atomberg Technologies: Sibabrata Das (left) and Manoj Meena
“We have successfully scaled up to an annual revenue run rate of Rs 150 crore plus and we are bullish 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 visualised a few years back,” Manoj said.
A91 Partners was founded by former partners at Sequoia Capital India and focuses on high growth startups in consumer, technology, financial services, and healthcare sectors in India
“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.
Started by IIT Bombay graduates Manoj Meena and Sibabrata Das in 2012, Atomberg claims that its fans are helping Indian households save up to 65 percent electricity and Rs 1,500-2,000 per year per fan, by just consuming 28W power at full speed.
The company has successfully established its distribution network across 100 cities and also has more than 400 service centres pan India. With more than a million Atomberg fans installed across the country, Atomberg fans are available at more than 6,000 counters across the country.
Edited by Teja Lele Desai
Link : https://yourstory.com/2020/12/funding-alert-consumer-appliances-startup-atomberg-technologies-a91-partners
Author :- Sujata Sangwan ( )
December 08, 2020 at 11:09AM
YourStory