Mumbai-based cleantech startup Atomberg Technologies has raised $20 Mn led by Jungle Ventures. The round also saw participation from Inflexor Ventures and existing investors including A91 Partners and noted angel investor Ramakant Sharma, cofounder of Livspace.
The fresh funds will be used to set up a new state-of-the-art manufacturing facility, scale up its R&D activities to facilitate category expansion, and ramp up its supply chain. It will also launch into the kitchen appliance category. Its first product from the category, an inverter-tech led mixer grinder will hit the markets by early next year.
With this round, the startup has raised a total of $45 Mn since its inception in 2012. Previously, it raised an undisclosed amount of funding by Ka Enterprises, the investment arm of the Padukone Family Office, as part of its Series B round in September 2021.
Founded by IIT Bombay alum Manoj Meena and Sibabrata Das, the home appliance startup manufactures energy-efficient, remote and voice-controlled fans and fan accessories. The startup’s product portfolio includes ceiling, pedestal, wall and exhaust fans.
Atomberg claims that its fans consume 28 watts only, saving 65% electricity and INR 1,500 per year, and runs 3x longer on inverters. Having a manufacturing facility at Navi Mumbai with a capacity of 150K fans per month, Atomberg has 400 service centres across India, 8,000 counters across 120 cities in the country and a revenue run rate of INR 300 Cr, at 5X month-on-month growth.
Atomberg also aims to more than double its presence to over 20,000 counters in the next 18 months.
India is the world’s third-largest producer and third-largest consumer of electricity. And it is noteworthy that Indians are moving towards renewable sources of energy, but due to it being tepid in nature, energy-efficient startups are all the talk currently. Some popular energy-efficient startups include The Solar Labs, SenseHawk, Quenext, among others.
While the corporate sector dominates the energy and power industry, startups such as RenewPower, 75F, Smart Joules, ZunRoof, CleanMax and others are looking to improve penetration of renewable energy and energy efficiency through their tech-driven algorithms.
Apart from the startup ecosystem, the central government is also working towards reducing greenhouse emissions. Under the National Solar Mission, the government has set a target of achieving 175 gigawatts of installed renewable energy capacity by the end of 2022. It is to be noted that of the 175 GW, the government is planning to generate 40 gigawatts of energy from solar rooftops and 60 GW from wind energy.