Atomberg: Appliances brand Atomberg raises $86 million from Temasek, others
, Jungle Ventures and
Inflexor Ventures
. It's a combination of primary and secondary issues. Sources told TOI that the funding values the company between $400 million and $500 million. Founded by IIT Bombay alumni
Manoj Meena
and
Sibabrata Das
in 2012, Atomberg products include smart fans, mixer grinders and smart locks. The company is present across 25,000 retail touch points across the country.
The company plans to deploy the funds to expand its manufacturing facility in industrial township Chakan in Pune, foray into kitchen appliances like chimneys and cooktops, and grow its retail presence. Das said Atomberg holds a pole position in brushless direct current electric motor (BLDC) fans. But Atomberg is diversifying into newer product categories as 95% of its business comes from fans.
Das said the company has nearly doubled its revenue to Rs 700 crore in the 2022-23 financial year and is looking to touch Rs 1,000 crore in annualised run rate in the current fiscal. We are also focusing on enhancing our R&D efforts. Our proprietary tech stack is at the core of every product and has evolved over the years to deliver industry leading products. We will use the funds to accelerate our growth and expand our team, he said.
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Tuesday, May 30, 2023 at 1:55 am