Mumbai-headquartered Atomberg Technologies, on Thursday said that it has raised $20 million as part of its growth funding round led by Jungle Ventures.
The round also saw participation from Inflexor Ventures, A91 Partners and angel investor Ramakant Sharma, co-founder of Livspace.
With this fundraise, Atomberg has raised a total of $45 million since inception.
According to the company, the fresh funds will be used to set up a new manufacturing facility, scale-up in research and development activities to facilitate category expansion initiatives, as well as to ramp up investments on new distribution and brand.
Founded in 2012, Atomberg is a consumer appliance startup, which provides ceiling, pedestal, wall and exhaust fans.
“Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from the pre-Covid times. Consumers across the length and breadth of the country have shown tremendous love for the brand and all our innovations so far. This investment from Jungle Ventures and the confidence shown by our existing investors by participating in the round is another validation of the vision that we have to create a technology led consumer durable brand that solves real consumer problems,” said Manoj Meena, chief executive officer and co-founder of Atomberg Technologies.
Going forward, the company will expand its presence into kitchen appliances with the launch of inverter-technology led mixer grinder, which is expected to hit the market in early 2022. Further the company also aims to more than double its presence to over 20,000 counters in the next 18 months, it said in a statement.
“With the team’s R&D focus and mindset, they have built a deep innovation pipeline for small appliances backed by breakthrough technology. With Atomberg, we see a huge potential to create a horizontal small appliance electronics brand in India and beyond. It’s a fantastic business with a tremendous growth potential, and we are incredibly excited to partner with the team,” said Arpit Beri, vice president, investments, Jungle Ventures.
At present, the company sells across ecommerce marketplaces Amazon and Flipkart, while establishing an offline distribution network across 8000 counters in 150 cities. The company also has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 150000 fans per month.
“We are very pleased to back Atomberg Technologies from Inflexor in their next phase of growth where they will continue to scale up and disrupt the consumer durables landscape with smart application of technology,” Jatin Desai, managing partner at Inflexor Ventures.
