Energy-efficient smart fans maker Atomberg Technologies has raised Rs 70 crore in Series B funding led by A91 Partners. The round also saw participation from Suman Kant Munjal’s family office Survam Partners and Trifecta Capital. With this financing, the startup has raised a total of Rs 160 crore to date. It was founded in 2012 by Sibabrata Das and Manoj Kumar Meena.
The Mumbai-based firm plans to use the funds raised to strengthen its distribution networks across all metro and non-metro cities, ramping up its production capacity, and building brand awareness. The proceeds will also be used to expand its existing product portfolio to include more categories. The startup currently offers various products across the ceiling, pedestal, wall, and exhaust fans.
Over the last 12 months, we have grown significantly across all channels. Our offline distribution has grown by leaps and bounds, and we have also consistently been one of the top brands in eCommerce in our category. Our new product launches across ceiling, pedestal, and exhaust fans have been very successful,” said Manoj Meena, CEO, and Co-founder of Atomberg Technologies.
“We have successfully scaled up to an annual revenue run rate of Rs 150 crore plus, and we are bullish about continuing this rate of growth for the next few years. With this fresh round of funding, we strongly believe we have the right ammunition required to create the kind of consumer brand we visualized a few years back,” Manoj said.
“We believe in partnering with founders building exceptional businesses for tomorrow’s India. Our partnership over the last one year has increased our conviction in the quality of business of Atomberg. They are introducing genuine innovation and design in the consumer electricals space, and consumers love it,” said Abhay Pandey, Co-founder of A91 Partners.
The company has successfully established its distribution network across 100 cities and has more than 400 service centers pan India. With more than a million Atomberg fans installed across the country, Atomberg fans are available at more than 6,000 counters.