Atomberg Technologies which is a Mumbai headquartered has now secured $10 million in the funding round of Series A round led by the A91 Partners, which is a venture firm launched last year by the Sequoia Capital former employee.
Some of the investors, which include the Whiteboard Capital Fund and Survam partners, also participated in the round.
The new funds will be going to be used to expand distribution networks across both the metro and non-metro cities, the statement revealed.
Atomberg will also double its research and development team to strengthen its intellectual property and expand product pipeline.
“We have been innovating not only at the product level but have also taken the lead in the digital space and have become one of the top brands in the category in ecommerce. We have successfully scaled up to an annual revenue run rate of Rs 100 crore in the consumer space and are bullish about expansion to all metro and non-metro cities this year,” said Manoj Meena, CEO and co-founder, Atomberg Technologies.
Atomberg is a small and efficient motor based home appliance company which is co-founded by the IIT-Bombay graduates Sibabrata Das and Meena. It manufactures the energy-efficient fans under the brand name as Gorilla and sells both the online and offline.
“Atomberg has done a fabulous job in disrupting a traditional category which had not seen a lot of innovation. They are solving real consumer problems and catering to an evolving set of Indian consumers who demand the best products. And because of their technology strength and current market position, they are well-positioned to build a strong brand in the household appliances category,” said Abhay Pandey, co-founder of A91 Partners.