Atomberg Technology Pvt. Ltd, a consumer-technology company, has raised Rs 70 crore in its Series B funding round led by existing venture capital backer A91 Partners.
The round also saw participation from venture debt firm Trifecta Capital and Survam Partners, the family office of the Suman Kant Munjal group, Atomberg said in a statement.
The company said it will use the capital mainly to boost distribution networks across all metro and non-metro cities, ramp up production capacity and expand its product portfolio.
“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,” said Manoj Meena, CEO at Atomberg Technologies.
The Mumbai-based startup was founded in April 2012 by two alumni of IIT-Mumbai, Meena and Shibam Das. The company sells its products both online and offline, and specialises in the production of energy-efficient smart fans.
It claims to have a variety of smart fans that help households save up to 65% in electricity costs. It says it has established its distribution network across 100 cities and also has over 400 service centres.
In May 2016, the company raised $1 million (Rs 6.7 crore) in a pre-Series A round from VC firm Parampara Capital. Prior to this, Atomberg raised Rs 1 crore from Aar EM Ventures in July 2015.
A91 Partners was floated in 2018 by former Sequoia Capital executives VT Bharadwaj, Gautam Mago and Abhay Pandey. The trio had left Sequoia between June 2017 and August 2018. In November last year, Kaushik Anand quit as the India head of CapitalG to join A91 Partners.
Last month, VCCircle reported that the VC firm was gearing up to launch its second India-focussed fund.