Exclusive: IPO-Bound Atomberg In Talks To Raise INR 40 Cr In Secondary Capital

SUMMARY

The secondary funding round will be led by Forj Capital, with participation from White Whale Partners, renowned YouTuber Tanmay Bhatt, and a few other angel investors

The round will value the company at around INR 5,000 Cr

Atomberg’s early backer A91 Partners will dilute its stake in the round as it aims to bring its ownership to under 20%

Home appliances startup Atomberg, which is gearing up for its IPO, is in talks to raise INR 40 Cr (about $4.8 Mn) in secondary capital in a round led by Forj Capital, with participation from White Whale Partners, renowned YouTuber Tanmay Bhatt, and a few other angel investors, founder Sibabrata Das told Inc42.

The round, which is expected to close in the next couple of weeks, will value the company at around INR 5,000 Cr (about $600 Mn).

Atomberg’s early backer A91 Partners will dilute its stake in the round as it aims to bring its ownership to under 20%. “A91 doesn’t want to be classified as a promoter. After the last round, they were marginally above it. So, we wanted to bring their stake down. Second, we wanted to onboard some funds which have a smaller ticket size,” Das said.

Besides A91, Atomberg’s cofounders Das and Manoj Meena will also sell shares worth about INR 12 Cr (around $1.3 Mn) in the round. Some of the former Atomberg employees will also sell their ESOPs in the round.

Founded in 2012 by IIT Bombay alumni Meena and Das, Atomberg began with B2B sales of energy-efficient BLDC fans before entering the consumer market in 2016. Today, it sells BLDC-based ceiling and pedestal fans and has expanded into mixer grinders, water purifiers, and other categories.

The company sells its products via its own website, ecommerce platforms like Amazon and Flipkart, and offline retailers.

It has raised a total funding of about $126.5 Mn to date from investors like Inflexor Ventures, Trifecta Capital Advisors, Steadview Capital, Temasek Holdings, Jungle Ventures among others.

Atomberg Prepares For $220 Mn IPO

The development comes at a time when Atomberg is preparing for its IPO and is aiming to hit the bourses in FY27.

While Das did not disclose the IPO details, sources told Inc42 that the company is eyeing a public listing in the third or fourth quarter of the next fiscal year.

Atomberg is likely to file its DRHP with SEBI by July 2026 for INR 1,500 Cr to INR 2,000 Cr (around $165-220 Mn) issue. The company is currently in talks to finalise the investment bankers, the sources added.

A majority of the IPO capital will be raised via OFS, with fresh issue likely to comprise 25% to 35% of the total issue. The proceeds from the fresh issue will be utilised for capital expenditure, debt repayment, and marketing newer categories, the sources added.

Atomberg is yet to file its financial statements for FY25. As per Tofler, its sales rose 31.5% to INR 848.6 Cr in FY24 from INR 645.1 Cr in the previous year. Net loss zoomed 47% INR 202.9 Cr from INR 138.1 Cr in FY23.