Atomberg Technologies declared a Series B fund raise of Rs 70 crores, which was led by A91 Partners, with participation from Trifecta Capital and Survam Partners. The company had previously raised Rs 90 crores, till date, from A91 partners, IDFC Parampara and Survam Partners.
Manoj Meena, CEO and co-founder of Atomberg Technologies, pointed out that over the last 12 months, the company has grown significantly across all channels. “Our offline distribution has grown by leaps and bounds, and we have consistently been one of the top brands in ecommerce in our category,” he said. “Our new brand launches across ceiling, pedestal and exhaust fans have been very successful. We have successfully scaled up to an annual revenue run rate of Rs 150 crores plus, and we are bulling about continuing this rate of growth for the next few years.” With the fresh round of funding, Meena said they strongly believe that they have the right resources required to create the kind of consumer brand the company visualized few years ago.
Abhay Pandey, co-founder of A91 partners, highlighted that the organization believes 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,” he said. “They are introducing genuine innovation and design in the consumer electricals space and consumers are loving it.”
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The startup will use the fresh funds for expanding distribution networks across all metro and non-metro cities and also for building band awareness. The funds will also be used for ramping up the production capacity. Atomberg Technologies plans to expand the current portfolio to include more product categories other than fans built on the core value proposition of BLDC and motor technology. The company’s fans are helping Indian households to save up to 65 per cent electricity and Rs 1500 to 2000 per year, by just consuming 28W power in full speed. Atomberg has successfully established its distrution network across 100 cities and also has over 400 service centres across India.
The products are of the highest quality, and are also amongst the bestselling and best rated fans on Amazon and Flipkart. With more than a million Atomberg fans installed across the country, they have become one of the aspirational brands in this category.
