Atomberg: Smart fan co Atomberg raises $86mn
,
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.
It 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.
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Tuesday, May 30, 2023 at 12:38 am