Atomberg Raises $20M In Funding Led By Jungle Ventures
Atomberg Technologies, a consumer product brand, has raised $20 million in growth capital led by Jungle Ventures with participation from Inflexor Ventures. Existing investors, including A91 Partners and noted angel investor Ramakant Sharma, Co-founder of Livspace, also participated in the funding round.
The startup will use the fresh funds to set up a new state-of-the-art manufacturing facility, scale-up in research and development activities to facilitate category expansion initiatives, as well as to ramp up investments in new distribution and brand.
Atomberg Technologies | Manufacturing Smart And Energy-efficient Home Appliances
Founded by IIT-Bombay graduates Manoj Meena and Sibabrata Das in 2012, Atomberg Technologies is in the business of revolutionizing India’s home appliances. The startup has built the ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India and has continuously innovated and improved on the technology.
Speaking on the development, Manoj Meena, Co-founder and CEO, Atomberg, said,
“This investment from Jungle Ventures and the confidence shown by our existing investors by participating in the round is another validation of the vision and encourages us to create a technology-led consumer durable brand that solves real consumer problems.”
Manoj added that Atomberg grew by 2x in 2020-21 and is on track to grow by 2.2x in 2021-22 compared to the previous year.
According to the startup, its fans are more energy-efficient and consume 65% less energy compared to traditional induction motors. Additionally, their fans can be connected to smart appliances at home and can run 3x longer on inverters.
Having successfully established its offline distribution network across 8,000 counters in 150 cities, Atomberg claims to have emerged as a market leader in eCommerce across Amazon and Flipkart. Atomberg also has a fully-integrated manufacturing facility at Navi Mumbai with a capacity of 150,000 fans per month.
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