Atomberg nears Rs 650 Cr revenue in FY23, losses surge 3.5X

Consumer appliances brand Atomberg raised $86 million in its Series C round led by Temasek in May this year. The fundraise appears to be a result of its remarkable growth in the fiscal year ending March 2023.

The Mumbai-based firm’s revenue from operations surged 86.4% to Rs 645 crore in FY23 from Rs 346 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies (RoC).

Financials FY23


Operating Revenue

Total Expenses


Amount in ₹ Cr

Atomberg’s product portfolio includes energy-efficient BLDC & smart fans, mixer grinders, and smart locks. The firm claims to have sold more than three million units to date. Income from the sale of products is the only source of revenue for Atomberg in FY23.

Being a consumer appliances brand, the sale of procurements of materials accounted for 50% of the overall expenditure. Akin to its scale, this cost increased by 62.5% to Rs 390 crore in FY23 from Rs 240 crore in FY22.

Expenses Breakdown

Total ₹ 387 Cr
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Total ₹ 787 Cr
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  • Cost of materials consumed
  • Employee Benefits Expense
  • Advertisement and sales promotion
  • Commission & discount
  • Warranty Expense
  • Freight and forwarding expense
  • Others

The company increased its headcount which is evident from its employee benefit cost that grew 3.4X during FY23. Advertising cum promotion, warranty claims, commission on sales, freight, and logistics are some other overheads which pushed its total expenditure 2X to Rs 787 crore in FY23 from Rs 387 crore in FY22. Check TheKredible for a detailed expense breakdown.


FY22 FY23
EBITDA Margin -10% -19%
Expense/₹ of Op Revenue ₹1.12 ₹1.22
ROCE -23% -43%

At the end, losses for the Temasek-backed company spiked 3.5X to Rs 138 crore in FY23 from Rs 39 crore in FY22. Its ROCE and EBITDA margin stood -at 43% and -19% respectively. On a unit level, it spent Rs 1.22 to earn a rupee in FY23.

Atomberg has created ripples through its operating segments, there is no doubt about that. From an energy efficiency pitch when it started off, the firm has done very well to premiumise its range with design improvements as well. The heavy investments into brand building and people are justified to that extent, as the firm seeks to push for a much more significant market share with better margins. The losses, while impacting margins significantly, are manageable it seems, considering the increase in scale as well as dry powder with the firm after its last funding round.  The durables categories it operates in may not be the most exciting or richly valued, but truth be told, Atomberg can lay claim to have been responsible for one of the more exciting entries there recently. It should be fascinating to track the journey ahead of this brand, which took the distinctive and rare ‘made in India’ technology route to make its initial impact.

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