Mumbai headquartered Atomberg Technologies, India’s leading energy-efficient smart fans maker and hardware product company, has announced a Series A fund raise of $10 million led by A91 Partners. This round of funding also includes the Whiteboard Capital Fund, the early stage fund founded by Sandeep Tandon(serial entrepreneur & Co-founder of Freecharge), and Survam Partners(Suman Kant Munjal family office). The company has previously raised a total of $2.5 million till date from IDFC Parampara and Survam Partners.
The fresh funds will be used for amplifying distribution networks across all metro and non- metro cities and doubling down the existing R&D team to strengthen the IP further and develop a competitive and differentiated product pipeline targeted at the evolving Indian consumer. The company also plans to expand the current product portfolio to include more products built on the core value proposition of BLDC and motor technology.
The hardware and IoT startup ecosystem in India, incentivised by the current Government’s Make in India program, has been witnessing an overwhelming boom in the last five years. With a deep focus on delivering unconventional and innovative technology to a traditional segment, players like Atomberg Technologies are actively contributing to the positioning of India as a ‘product-manufacturing’ nation.
Commenting on this announcement, Manoj Meena, CEO & Co-Founder of Atomberg Technologies said, “ Initially, the strengthening of the hardware startup ecosystem in India had its own set of challenges: comprising of setting up capital-heavy manufacturing units, organising the fragmented distribution channels and building the right trust with businesses and consumers. At Atomberg Technologies, our strong commitment to deliver unique innovation and technology helped us stay differentiated and ahead in the category, while simultaneously contributing to the growth of the sector in all possible ways. We have been innovating not only at the product level, but have also taken a lead in the digital space and have become one of the top brands in the category in e-commerce. We have successfully scaled up to an annual revenue run rate of Rs 100 crores in the consumer space and are bullish about expansion to all metro and non-metro cities this year.”
“We are excited to partner with A91 Partners as they have had a lot of experience in helping scale up multiple consumer businesses in India. With Sandeep, who is an expert in electronics
manufacturing, we are happy to use his knowledge to streamline and expand our manufacturing expertise. Extremely thrilled and excited for the next phase of growth.” added Manoj.
A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, aims at focusing on aspirational entrepreneurs and high-growth startups across technology, consumer durables, healthcare and financial services.
“We believe in partnering with exceptional founders building the next generation of enduring Indian businesses. Atomberg has done a fabulous job in disrupting a traditional category which had not seen a lot of innovation. They are solving real consumer problems and catering to an evolving set of Indian consumers who demand the best products. And because of their technology strength and current market position, they are well positioned to build a strong brand in the household appliances category. We are very excited to help them in this journey”, said Abhay Pandey, co-founder of A91 partners
Atomberg’s smart ‘Gorilla’ range of fans are helping Indian households to save up to 65% electricity and 1500-2000 INR per year/fans, by just consuming 28W power in full speed. Atomberg has successfully established itself across cities like Mumbai, Pune, Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad markets, and has over 300 service centres.With more than four lakh fans installed across the country, they have already touched more than a million lives till now in the country.
About Atomberg Technologies
Atomberg is a smart and efficient motor based home appliance company and is focused on making the lives of Indian consumers better through innovation and technology. They manufacture India’s most energy-efficient fans known as ‘Gorilla’ fans.
The company was co-founded by Manoj Meena and Sibabrata Das (IIT-Bombay graduates), prior experience in BLDC technology led them to enter into the ceiling fans industry in 2015. They later raised $1.5 Mn Pre-Series A funding in 2016 from IDFC Parampara.
The company takes pride in its R&D capabilities, innovation & technology and it’s a commitment to create revolutionary products for the evolved new age consumer. It has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 100000 fans/month and over 300 service centres across India.
The company has been recognised by the current Prime Minister, Narendra Modi and Niti Aayog as ‘Champions of Change’ in the startup ecosystem. It has also won ‘Global CleanTech Innovation Program’ in Energy Efficiency category organised by ‘United Nations Industrial Development Organisation’ (UNIDO).