Atomberg Technology, a leading consumer appliances brand, announced today that it has successfully raised $86 million in its Series C funding round. This latest investment will be utilized to enhance manufacturing capabilities, support the launch of new products, expand offline presence in key regions, and solidify Atomberg’s position in India’s highly competitive consumer appliance market.
The Mumbai-based startup has gained significant attention for its innovative product offerings, including the ‘Aris’ fan series, smart locks, and mixer grinders. With the infusion of funds from this round, Atomberg intends to further expand its product portfolio and bolster its research and development (R&D) capabilities to drive the launch of cutting-edge products across various categories. This funding milestone follows Atomberg’s previous successful funding round in December 2021, where it raised $20 million in growth capital led by Jungle Ventures and Inflexor Ventures.
At the heart of Atomberg’s success lies its proprietary technology stack, which has continuously evolved over the years, enabling the development of industry-leading products. “Our proprietary tech stack is at the core of every product and has evolved over the years to deliver industry-leading products. With this round of fundraising, our focus is on enhancing product development and improving our product suite,” explained Manoj Meena, Co-founder and CEO of Atomberg. He further expressed his enthusiasm for the collaboration with Temasek, Steadview, and Trifecta, stating, “We are extremely excited to partner with Temasek, Steadview, and Trifecta as we continue on our growth journey to disrupt the Indian consumer appliance market.”
Atomberg Technology was founded in 2012 by Manoj Meena and Sibabrata Das, both alumni of the prestigious Indian Institute of Technology Bombay (IIT Bombay). The company has positioned itself as an engineering-led product-first organization, driven by a mission to solve latent consumer problems. One of Atomberg’s significant contributions to the market is its groundbreaking ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India. By continually innovating and improving this technology, Atomberg has gained a competitive edge in the industry.
Investors are equally thrilled about the prospects of partnering with Atomberg. Ravi Mehta, Founder and Chief Investment Officer of Steadview Capital, shared his enthusiasm, stating, “We are thrilled to invest in the Series C funding round for Atomberg and support their vision of revolutionizing the consumer appliance market in India. Atomberg’s deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest-growing companies across the consumer and technology sectors in India.”
Sandeep Bapat, Partner at Trifecta Growth Equity, also expressed his confidence in Atomberg’s management team and their ability to redefine the industry through innovation. “The Atomberg management team has consistently demonstrated a strong understanding of the consumer appliances market, leveraging strong R&D capabilities to develop premium, energy-efficient products. We had the opportunity to support them with venture debt three years ago. Given their ability to redefine the industry through innovation and build a large business, we are now excited to support their growth journey by investing from our Growth Equity Fund,” Bapat stated.
The Series C funding round for Atomberg Technology was facilitated by Avendus Capital, who acted as the exclusive financial advisor to the company. Avendus Capital, known for its expertise in capital raising and mergers and acquisitions, played a crucial role in ensuring a seamless and successful transaction. Their strategic guidance and extensive network within the investment community helped Atomberg secure the necessary funding to fuel its ambitious growth plans.
Atomberg Technology Well Poised to Disrupt Indian Consumer Appliances Market
With the newly raised capital, Atomberg is poised to accelerate its expansion and disrupt the Indian consumer appliance market even further. The company’s commitment to solving consumer problems through innovative engineering solutions has positioned it as a frontrunner in the industry. By investing in R&D and introducing new product offerings, Atomberg aims to not only meet but exceed customer expectations, setting new standards of efficiency, performance, and convenience.
The consumer appliance market in India is witnessing a rapid transformation, driven by technological advancements and changing consumer preferences. Atomberg’s focus on energy-efficient and technologically advanced products aligns perfectly with the growing demand for sustainable and smart home solutions. With its enhanced manufacturing capabilities, the company is well-equipped to cater to the rising needs of Indian consumers, both in urban and rural areas.
Moreover, Atomberg recognizes the importance of a strong offline presence, especially in key regions across India. By deepening its offline distribution network, the company aims to enhance customer reach and provide a seamless purchasing experience. This strategic approach will enable Atomberg to tap into untapped markets and strengthen its foothold in the highly competitive consumer appliance sector.
Looking ahead, Atomberg Technology is poised to achieve significant milestones and solidify its position as a leader in the Indian consumer appliance market. With the support of its investors and a relentless focus on innovation, the company is well-positioned to disrupt the industry, introduce groundbreaking products, and redefine consumer expectations. As Atomberg continues to push boundaries and set new benchmarks, consumers can anticipate a future where their everyday appliances are not just functional but also intelligent, energy-efficient, and tailored to their evolving needs.
The funding was led by global investment firm Temasek and investment firm Steadview Capital, with participation from Trifecta Capital, as well as existing investors Jungle Ventures and Inflexor Ventures.
