Atomberg, a prominent consumer appliances brand, has successfully raised $86 million in a recent funding round led by Temasek and Steadview Capital. The funding also saw participation from Trifecta Capital, Jungle Ventures, and Inflexor Ventures. The investment comprises a combination of primary and secondary issues, and industry sources have estimated the valuation of the company to be between $400 million and $500 million. This funding milestone marks a significant step forward for the company as it continues its growth trajectory in the consumer appliances market.
Founded in 2012 by IIT Bombay alumni Manoj Meena and Sibabrata Das, the company specializes in the production of smart fans, mixer grinders, and smart locks. With a widespread presence across the country, the brand boasts an extensive retail network of 25,000 touch points. The latest funding round presents an opportunity for the company to capitalize on its success and expand its operations further.
The infusion of funds will primarily be directed towards enhancing the company’s manufacturing facility located in the industrial township of Chakan in Pune. This expansion aims to bolster production capabilities, ensuring a seamless supply chain and meeting the growing demand for Atomberg’s appliances. Additionally, Atomberg plans to venture into new product categories such as kitchen appliances, including chimneys and cooktops, as part of its strategic diversification plan. Furthermore, the company aims to strengthen its retail presence by expanding into untapped markets.
Sibabrata Das, co-founder of Atomberg, emphasized the brand’s position as a market leader in brushless direct current electric motor (BLDC) fans. However, acknowledging the need for diversification, Atomberg is venturing into new product lines as fans currently account for 95% of its business. Das revealed that the company has witnessed remarkable growth, with revenue nearly doubling to Rs 700 crore in the 2022-23 financial year. Looking ahead, Atomberg aims to achieve an annualized run rate of Rs 1,000 crore in the current fiscal year, highlighting its ambition and drive to reach new milestones.
Joining Temasek and Steadview Capital in this funding round are Trifecta Capital, Jungle Ventures, and Inflexor Ventures, demonstrating the confidence that multiple investors have in Atomberg’s business model and future prospects. The infusion of funds will provide Atomberg with the necessary capital to execute its strategic plans and take its operations to the next level.
Atomberg, founded in 2012 by Manoj Meena and Sibabrata Das, both alumni of the prestigious IIT Bombay, has gained recognition for its range of smart fans, mixer grinders, and smart locks. The brand has built a strong retail network with an impressive presence across 25,000 touchpoints throughout the country. With this funding, Atomberg aims to leverage its market position and expand its manufacturing capabilities.
A primary objective of the funding will be to enhance the company’s manufacturing facility located in the industrial township of Chakan, in Pune. By investing in this facility, Atomberg aims to ramp up production capacity and streamline its supply chain, ensuring efficient delivery of its appliances to meet growing consumer demand.
Furthermore, Atomberg plans to diversify its product portfolio by venturing into the lucrative kitchen appliances segment, including chimneys and cooktops. This strategic move will enable the brand to tap into new market opportunities and cater to a broader range of consumer needs. By expanding its offerings, Atomberg aims to solidify its position as a leading player in the consumer appliances industry.
In addition to expanding its product range and manufacturing capabilities, Atomberg is committed to enhancing its research and development (R&D) efforts. The company’s proprietary tech stack, which forms the foundation of each product, has evolved over the years to deliver industry-leading appliances. The infusion of funds will further accelerate Atomberg’s growth trajectory and support the expansion of its dedicated team of professionals.
