Atomberg raises $86 million in Series C Round
Indian home appliances brand, Atomberg initially entered the market in 2015, serving B2B clients such as the Tata Group, Infosys, and Indian Railways. Subsequently, the company expanded into the B2C segment through online marketplaces like Flipkart and Amazon and later ventured into offline retail in 2018.
Gaining popularity from its brushless direct current (BLDC) fan motors due to their energy efficiency, the company's engineering expertise and dedication to solving consumer problems through innovative products garnered praise from investors, allowing it to pull a sizeable $86 million funding in a Series C round.
The latest funding round comes on the heels of an impressive year-on-year growth of approximately 100%. Although specific financial details were not disclosed, the company's revenue from operations surged to Rs 356 crore during FY22, compared to Rs 143 crore in FY21.
While Avendus Capital served as the exclusive financial adviser for this funding round, the funding was led by Temasek Holdings, a Singapore state investor, and Steadview Capital, an India-focused fund. Other participants included new investor Trifecta Capital, as well as existing investors Jungle Ventures and Inflexor Ventures. As part of the funding round, early investors such as A91 Partners and the Gogri family sold some of their shares.
According to the company's press release, the fresh funds will be used to enhance its manufacturing capabilities, introduce new products, expand its offline presence in key regions, and solidify its position in the consumer appliance market. Additionally, Atomberg aims to focus on research and development to support the launch of new products across various categories.
