Atomberg Raises $86 Million In Series C Funding Round
Atomberg Technologies, a consumer appliances brand, has raised $86 million in a mix of primary and secondary issuances in its Series C funding round led by Temasek and Steadview Capital. The funding round also saw participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures.
As per the startup, the freshly raised funds will be used to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions, and consolidate the company’s position in India’s consumer appliance market.
The consumer appliances brand also aims to expand on its new offerings, including mixer grinders, the ‘Aris’ fan series, and smart locks. Additionally, Atomberg seeks to enhance R&D capabilities to aid new product launches across various categories.
Atomberg | Smart And Energy-efficient Home Appliances
Founded by IIT Bombay alumni Manoj Meena and Sibabrata Das in 2012, Atomberg is a Mumbai-based engineering-led product-first company that manufactures smart and energy-efficient home appliances powered by the BLDC motor.
The startup is revolutionizing India’s home appliances and has built the ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India and has continuously innovated and improved on the technology.
Speaking about the development, Manoj Meena, Co-founder and CEO of Atomberg, said,
“Our proprietary tech stack is at the core of every product and has evolved over the years to deliver industry-leading products. With this round of fundraising, our focus is on enhancing product development and improving our product suite.”
Blending mindful design, energy efficiency and next-gen smart tech, the fans offered by the startup are more energy-efficient and consume 65% less energy compared to traditional induction motors. Additionally, these fans can be connected to smart appliances at home and can run 3x longer on inverters.
In December 2021, Atomberg Technologies raised $20 million in growth capital led by Jungle Ventures, with participation from Inflexor Ventures.
Commenting on the development, Ravi Mehta, Founder and CIO of Steadview Capital, said,
“We are thrilled to invest in the Series C funding round for Atomberg and support their vision of revolutionising the consumer appliance market in India. 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.”
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