Consumer products maker Atomberg Technologies, which is known for its smart fans, has raised $20 million in a funding round led by Jungle Ventures. The round, which takes the overall funds raised by the company to $45 million since inception in 2012, also saw participation from Inflexor Ventures, and existing investors A91 Partners and angel investor Ramakant Sharma, as per an official statement.
The fresh funds will be used to set up a new state-of-the-art manufacturing facility, scale-up in research and development activities to facilitate category expansion initiatives, and ramp up in investments on new distribution and brand, said the company.
Founded by Manoj Meena and Sibabrata Das in 2012, Atomberg introduced ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India. Atomberg says its fans are more energy efficient and consume 65% less energy compared to traditional induction motors. Not only that, the fans can be connected to the smart appliances in the house, and can run 3x longer on inverters.
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Atomberg has been growing at over 200% year on year consistently over the last six years. The company sells through ecommerce portals like Amazon and Flipkart, and has also successfully established its offline distribution network across 8000 counters in 150 cities. The company also has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 150000 fans/month.
The company aims to expand its presence into kitchen appliances with the launch of a ‘inverter-technology-led mixer grinder’ scheduled for a launch in early 2022, and more than double its presence to 20,000 counters in the next 18 months, the statement said, adding that in the last six months, it has grown by 200% per annum.
“With the team’s R&D focus and mindset, they have built a deep innovation pipeline for small appliances backed by breakthrough technology. With Atomberg, we see a huge potential to create a horizontal small appliance electronics brand in India and beyond,” Arpit Beri, vice president investments at Jungle Ventures said.
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