Highly efficient smart fan maker, Atomberg Technologies has recently announced to raise INR 70 Crore in its latest Series B funding round which was led by Venture Capital firm, A91 Partners.
Atomberg Technologies was launched back in 2012 by Monoj Meena and Sibabrata Das and the company aims to revolutionize India’s home appliances, by targeting one problem and finding energy-efficient and next-generation smart technology solutions focusing on creating mindful designs.
It’s latest Series B funding round also witnessed participation from existing investors like Survam Partners and Trifecta Capital. According to reports, the company has collected over INR 90 crore funds in total till date from IDFC Parampara, Survam Partners and A91 Partners.
When asked about their latest funding, Mumbai-based start-up states that these freshly acquired funds worth Rs. 70 crores will be utilized in building a stronger brand presence and amplifying its distribution networks across all major metro and non-metro cities in India. In addition, the company will use the funds to expand its product catalogue and build products other than smart, energy-efficient fans. Production capacity is another focus area where the company will input some of their funding.
Atomberg Technologies offer energy-efficient products and claims that they save up to 65% of electricity every year running in Indian households. 65% approximately means to save somewhere around Rs. 2,000 every year and this target is achieved only by installing a smart fan that consumes 28-Watt power running at full speed.
Manoj Meena, Co-founder and CEO, Atomberg Technologies mentions in a statement that the company has shown tremendous growth over the past 12 months with their offline sales going off the charts. He claims that the company has consistently been one of the top brands in e-commerce market under their category of household appliances. Their product catalogue including ceiling, pedestal and exhaust fans have been a success amongst Indian households.
He further added that the company has recorded annual revenue of INR 150 crore and will continue to bully the market with this pace and growth rate for the next few years.
Manoj also mentioned that this funding will help the company to shape itself as a consumer brand that the founders visualized it to be, a few years back when they launched the start-up.
The company has expanded its presence to over 100 cities in India with more than 400 service centres and over a million fan installations.