Atomberg raises $20M in growth funding led by Jungle Ventures to accelerate expansion and brand growth
Bengaluru : Mumbai headquartered Atomberg Technologies, a technology-led consumer product startup, has announced a $20M growth funding round led by Jungle Ventures with participation from Inflexor Ventures. The round also saw participation from existing investors including A91 Partners and noted angel investor Ramakant Sharma, co-founder of Livspace. So far, Atomberg’s has raised a total of $45M since inception. 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, as well as to ramp up investments on new distribution and brand.
Founded by Manoj Meena and Sibabrata Das in 2012, Atomberg today is India’s fastest growing consumer appliance start-up. The company pioneered the ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India and have continuously innovated and improved on the technology since. Atomberg 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.
Led by the vision to revolutionise customer experience with home appliances, Atomberg has been growing at over 200% year on year consistently over the last 6 years. The company has emerged as a market leader in ecommerce across 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.
Going forward, the company will expand its presence into kitchen appliances with the launch of India’s first inverter-technology led mixer grinder, expected to hit the market in early 2022. Further the company also aims to more than double its presence to over 20,000 counters in the next 18 months.
Manoj Meena, CEO & Co-Founder of Atomberg Technologies said, “Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from the pre-Covid times. Consumers across the length and breadth of the country have shown tremendous love for the brand and all our innovations so far. This investment from Jungle Ventures and the confidence shown by our existing investors by participating in the round is another validation of the vision that we have to create a technology led consumer durable brand that solves real consumer problems”
Arpit Beri, VP Investments, Jungle Ventures said, “Manoj and Shibam have done a commendable job in disrupting a traditional appliance category of fans in India. 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. It’s a fantastic business with a tremendous growth potential, and we are incredibly excited to partner with the team, and support their next stages of growth.”
Jatin Desai, Managing Partner at Inflexor Ventures added, “We have had the privilege of working with Manoj and Shibam early in their journey and have been very impressed with the way they have grown over the years. We are very pleased to back Atomberg Technologies from Inflexor in their next phase of growth where they will continue to scale up and disrupt the consumer durables landscape with smart application of technology”
Atomberg is Jungle Ventures’ latest investment in India, and adds to other recent investments in the country including Turtlemint- South Asia’s largest insurance agent enablement network, Citymall- India’s first community based e-commerce platform, Leap- South Asia’s largest one-stop overseas education enabler, Betterplace- India’s largest tech platform for blue collar workforce management, among others.