Atomberg Technology Pvt Ltd, a Mumbai-based startup that is developing energy-efficient and smart household appliances, has raised about $1 million (Rs 6.7 crore) in a pre-series A round from venture capital firm Parampara Capital.
The startup aims to use the funds to enhance its manufacturing capacity and develop products. It will also use the funds for brand building and marketing on online platforms, Manoj Meena, co-founder and CEO of Atomberg, told VCCircle.
This is the second investment that the VC firm has made from its Parampara Early Stage Opportunities Fund I, which had a target to raise about $16 million to back early-stage startups. Last October, Parampara Capital invested around Rs 6.5 crore to pick up a significant minority stake in the Mumbai-based software products company S-Cube Futuretech Pvt Ltd.
Atomberg was incubated at the Society for Innovation and Entrepreneurship of IIT-Bombay. It was founded in April 2012 by IIT-Bombay alumni Meena and Shibam Das and raised Rs 1 crore from Aar EM Ventures in July 2015.
The startup designs and makes energy-efficient and smart appliances. The firm claims to have designed and manufactured India's most energy-efficient ceiling fan, named Gorilla, which it says consumes 65% lower electricity as compared to normal ceiling fans. âEach fan has the potential to lower electricity bills by around Rs 1,000-1,500 a year depending on usage,â Das said.
The startup claims it has sold at least 10,000 fans since its launch in October. Its clients include Madura Coats, Tata Power and Park Hyatt Maldives, among others. Atomberg is planning to launch the next generation of smart ceiling fans by December.
Parampara Capital is led by general partners Venkat Vallabhaneni, Jatin Desai and Sridhar Rampalli. The VC firm invests in healthcare, consumer, financial and industrial sectors.
The Parampara Early Stage Opportunities Fund was launched in August 2015. Vallabhaneni is the anchor investor in the fund while Desai is the key man and Rampalli is the chief investment officer.
Vallabhaneni previously founded IT services provider Accurum Inc, which was acquired by Kanbay in 2005. He led the technology vertical at Bank of America and was instrumental in setting up its offshore India entity. He is also an angel investor.
Desai was CIO at Bank of America and CTO at DSP Merrill Lynch in India before joining Parampara Capital. Rampalli is the founder partner of Blue Ocean Multi Client Family Office and a former wealth manager at Anand Rathi Financial Services.
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