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March 11, 2021 at 5:37 am #53401Telegram SmartBoTModerator
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#News(Startup) [ via IoTGroup ]
Consumer appliance startup Atomberg Technologies has raised Rs 70 crore in its Series B round led by A91 Partners.
The round also saw participation from Trifecta Capital and Survam Partners, the family office of the Suman Kant Munjal group.
Atomberg had last raised $10 million in its Series A round led by A91 Partners in September 2019 and has raised a total of Rs 90 crores till date.
The fresh funds will be used by the Mumbai-based firm for expanding the current product portfolio, ramping up production capacity and for building brand awareness.
“Over the last 12 months, we have grown significantly across all channels.
Our offline distribution has grown by leaps and bounds, and we have also consistently been one of the top brands in e-commerce in our category,” said Manoj Meena, CEO and co-founder of Atomberg Technologies in a press release.
Launched by Meena and Sibabrata Das in 2012,
Atomberg is a smart and efficient motor based home appliance company and is focused on making a range of energy-efficient fans.
These products are available on all e-commerce websites and in more than 6000 counters across the country.
Atomberg has a manufacturing facility at Navi Mumbai with a capacity of 100,000 fans/month and over 400 service centres across India.
The firm further claims to have reached a revenue run rate of Rs 150 crore.
Floated by former Sequoia Capital’s managing directors VT Bharadwaj, Gautam Mago, and Abhay Pandey, A91 Partners had closed its maiden fund at $350 million in May last year to invest on early to growth-stage private companies across consumer, healthcare, financial services, and technology sectors.
Earlier this year, A91 had made an investment of $20 million in microlender Aye Finance through a secondary sale of shares.
Following the deal, the VC firm acquired the stake of Accion Venture Lab and gave 3X exit in return to the Aye Finance’s early backer.
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