[the_ad id="83613"]

Atomberg raises $86 Mn in Series C round led by Temasek and Steadview


Consumer appliances brand Atomberg has raised $86 million in its Series C funding round led by Temasek and Steadview Capital with participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures via a mix of primary and secondary transactions. It is one of the largest funding rounds for a growth-stage company amid the so-called ‘funding winter’.

Atomberg last raised capital in December 2021 when it scooped up $20 million in a growth funding round led by Jungle Ventures. The company has raised nearly $130 million to date.

The fresh funds will be used to boost manufacturing capabilities, support new product launches, deepen offline presence, and consolidate Atomberg’s position in India’s consumer appliance market, the company said in a press release. Further, the Mumbai-based firm aims to expand on its new offerings and seeks to enhance R&D capabilities to aid new product launches across various categories.

Founded by Manoj Meena and Sibabrata Das in 2012, Atomberg has a strong focus on R&D and has launched several innovative products with industry-first features over the years. Its product suite includes energy-efficient BLDC & smart fans, mixer grinders, and smart locks. The company is present across more than 15,000 retail touchpoints across the country.

The company officially entered the market in 2015 with a clutch of B2B clients such as the Tata Group, Infosys, and Indian Railways, among others. The company later forayed into the B2C domain through online marketplaces such as Flipkart and Amazon and then started offline retail in 2018.

The company earns 70% of its revenue through offline channels.

As per Atomberg, the latest funding round comes on the back of around 100% year-on-year growth. While the company did not disclose its latest financial numbers, its revenue from operations scaled up 2.5X to Rs 356 crore during FY22, compared to Rs 143 crore in FY21. According to the company’s standalone financial statement, with keeping tap over expenses, it managed to control losses to Rs 39.3 crore in FY22.

About Author

Send Suggestions or Tips