Mumbai, May 29: Domestic consumer appliances brand Atomberg on Monday said it has raised USD 86 million in a fresh funding round led by Temasek and Steadview Capital.
The latest round of capital infusion has also seen participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures via a mix of primary and secondary issuances, Atomberg said in a statement.
The funds mopped under Series C round will be used to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions and further consolidate company’s position in the domestic consumer appliance market, it said.
The new investment comes on the back of around 100 per cent year-on-year growth of the company, it stated.
Founded in 2012 by technocrats and IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg’s product suite includes brushless direct current electric motor (BLDC) and smart fans, mixer grinders and smart locks with leadership in BLDC fans.
The digitally native consumer appliance brand has presence across over 15,000 retail touch points across the country.
“With this round of fundraising, our focus is on enhancing product development and improving our product suite,” said Manoj Meena, co-founder and chief executive officer, Atomberg.
Further, the company aims to expand on its new offerings including mixer grinders, the ‘Aris’ fan series and smart locks, Atomberg said and added that it also seeks to enhance R&D capabilities to aid new product launches across various categories.
“Atomberg’s deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest growing companies across the consumer and technology sectors in India,” said Ravi Mehta, founder and CIO at Steadview Capital.
The company’s focus on design and innovation has allowed it to reimagine these products, elevating their functionality, performance, and user experience, said Sibabrata Das, co-founder, Atomberg.
“This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers,” added Das
“We had the opportunity to support them (Atomberg) with venture debt three years ago. Given their ability to build a large business, we are now excited to support their growth journey by investing from our growth equity fund,” said Sandeep Bapat, Partner at Trifecta Growth Equity.
Avendus Capital acted as the financial advisor to Atomberg on this transaction, the statement said. (PTI)
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