Atomberg Technologies, a leading consumer appliances brand, has successfully raised $86 million in its recent Series C funding round. The funding was led by prominent investors Temasek Holdings and Steadview Capital, highlighting the company’s potential for further expansion and innovation in the market.
The funding round also witnessed participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures, through a combination of primary investments and secondary transactions.
This significant infusion of funds will play a crucial role in enhancing Atomberg’s manufacturing capabilities, facilitating new product launches, expanding offline presence in key regions, and strengthening the company’s position in the highly competitive consumer appliance market.
Company Plans and Future Goals
Atomberg Technologies co-founder Sibabrata Das emphasized that the raised funds would be utilized to fuel the development of new product offerings. This includes the introduction of mixer grinders, smart locks, and the expansion of their existing fan series. Additionally, the funds will be allocated to bolster research and development capabilities, enabling the company to stay at the forefront of technological innovation.
In this funding round, some early investors, including A91 Partners and the Gogri family, opted for a partial exit. This move showcases their confidence in Atomberg’s growth potential and allows them to capitalize on their initial investment.
The company remains dedicated to achieving its long-term objectives, aiming for profitability in the fiscal year 2024 and striving to generate revenues of ₹1000 crore.
Financial Performance and Projections
Atomberg Technologies has achieved remarkable year-on-year growth, consistently reaching a 100 percent increase in recent years. Notably, the company has been profitable at the earnings before interest tax, depreciation, and amortization (EBITDA) level in the past two quarters. With a current annual revenue run rate of $150 million, Atomberg is poised to sustain its upward trajectory.
Founded by technocrats and IIT Bombay alumni, Manoj Meena and Sibabrata Das, Atomberg specializes in the production of brushless direct current electric motor (BLDC) fans.
Their engineering-led approach and commitment to solving consumer problems through innovative products have positioned Atomberg Technologies as a key player in the industry. The company’s proprietary tech stack forms the foundation of their industry-leading products.
Ravi Mehta, Founder and CIO at Steadview Capital, expressed his enthusiasm for backing Atomberg’s engineering expertise and consumer-centric product solutions. Sandeep Bapat, Partner at Trifecta Growth Equity Fund, highlighted their belief in Atomberg’s exceptional business model.
Atomberg Technologies’ latest Series C funding round, led by Temasek Holdings and Steadview Capital, marks a significant milestone in the company’s growth journey.
With substantial financial backing, Atomberg Technologies is well-positioned to strengthen its manufacturing capabilities, introduce new products, expand offline operations, and solidify its position in the competitive consumer appliance market.
