Mumbai-headquartered Atomberg Technologies, energy-efficient smart fans maker has secured Rs 70 crore in Series B funding round.
The series-B funding round was led by A91 Partners along with participation from Suman Kant Munjal’s family office Survam Partners and Trifecta Capital.
The hardware product company has raised $10 million in the previous round led by A91 partners and has raised a total Rs 160 crore till date.
The startup looks to use the fresh funds raised to strengthen its distribution network across all cities and to build brand awareness while also increasing its existing production capacity. The Mumbai-based firm also plans to use the funds to expand the current product portfolio to include more products.
Manoj Meena, co-founder and chief executive of Atomberg Technologies, said – “We have successfully scaled up to an annual revenue run rate of more than Rs 150 crores and we are bullish about continuing this rate of growth for the next few years. With this fresh round of funding, we believe we have the right ammunition required to create the kind of consumer brand we visualized a few years back.”
Abhay Pandey, co-founder of A91 partners, commented – “Our partnership over the last one year has increased our conviction in the quality of business of Atomberg. They are introducing genuine innovation and design in the consumer electricals space.”
Founded by Manoj Meena and Sibabrata Das, Atomberg Technologies was established in 2012, entering the ceiling fans business in 2015, and has a distribution network across 100 cities with more than 400 service centres in the country.
-AK
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