Energy Efficient Fans Maker Atomberg Raises INR 70 Cr Led by A91 Partners The funding round also saw participation from Trifecta Capital and Survam Partners, the family office of the Suman Kant Munjal group
By Shipra Singh
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Energy efficient fans maker Atomberg Technologies said on Tuesday it has raised INR 70 crore in series B funding round led by A91 Partners.
The funding round also saw participation from Trifecta Capital and Survam Partners, the family office of the Suman Kant Munjal group. With the latest capital infusion, the company has raised a total of INR 90 crore till date.
Founded in 2012 by IIT Bombay alumnus Manoj Meena and Sibabrata Das, Atomberg makes efficient motor-based home appliances. The company claims its BLDC fans consume 28 watts, resulting in a saving of INR 1,500 per year, and are remote controlled, voice controlled and run three times longer on inverters.
Currently, Atomberg has a revenue run rate of INR 150 crore.
"Over the last 12 months, we have grown significantly across all channels. Our offline distribution has grown by leaps and bounds, and we have been 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 co-founder and CEO Meena.
The company plans to use the fresh funds to amplify its distribution networks across all metro and non-metro cities, build brand awareness, ramp up the production capacity and expand the current product portfolio to include more product categories other than fans built on the core value proposition of BLDC and motor technology.
Atomberg has a distribution network spread across 100 cities through over 400 service centres all over the country.
Commenting on the investment, Abhay Pandey, co-founder, A91 partners said "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."
