In its Series C investment round, co-led by Singapore’s state investor Temasek and international venture capital firm Steadview Capital, consumer durables manufacturer Atomberg Technologies Pvt Ltd, which primarily produces energy-efficient fans, announced on Monday that it had raised USD 86 million (about Rs 710 crore).
Trifecta Capital and previous backers Jungle Ventures and Inflexor Ventures also joined the round.
AtAtomberg intends to use the additional funding to expand its manufacturing capabilities, assist with the introduction of new products, strengthen offline presence in strategic locations, and solidify its position in India’s consumer appliance industry.
“With this round, our focus is on enhancing product development and improving our product suite,” said Manoj Meena, co-founder and CEO of Atomberg. With the most recent fundraising, the company hopes to build up its employee base.
Manoj Meena and Sibabrata Das, two technologists, and graduates of IIT Bombay, created Atomberg in April 2012, a company specializing in creating intelligent fans that use less energy. It has increased its presence in the kitchen appliance market along with other household appliances, with mixer grinders powered by inverter technology. The business offers its goods both physically and through online marketplaces like Amazon and Flipkart.
Before that, in December 2021, the business raised USD 20 million as part of a growth funding round that Jungle Ventures directed. The Mumbai-based company also introduced a Series A fundraising round in September 2019, with A91 Partners as the deal’s leader.
Atomberg opened a 350,000-square-foot manufacturing facility in Pune last year. The company planned to use the plant to produce 750,000 fans and about 25,000 monthly mixer grinders.
Atomberg’s operating revenue increased 2.5 times to Rs 356 crore from Rs 143 crore in the fiscal year that ended in March 2023. On the other side, its net loss for FY22 was Rs 39.3 crore, almost precisely matching that of the previous fiscal year.
India’s direct-to-consumer (D2C) market is expanding quickly, and investors are still supporting companies with solid unit economics and scale. For instance, consumer-focused venture firm Sixth Sense Ventures led a Rs 100 crore Series A fundraising round for D2C ayurvedic beauty business The Ayurveda Co (T.A.C).
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