SUMMARY
The funds will be further used to support new product launches
Atomberg claims that the funding comes on the back of its around 100% year-on-year growth
It raised a total of $40.5 Mn funding over six rounds, and the last one was secured in 2021
Indian digital home appliances startup Atomberg has raised $86 Mn in a Series C round led by Temasek and Steadview Capital. Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also invested via a mix of primary and secondary issuances. In this transaction, Avendus Capital acted as the exclusive financial advisor to Atomberg.
The startup stated that the funds will be used to boost the manufacturing capacity and support new product launches. It also aims to bolster its offline presence in the retail market. Atomberg claims that the funding comes on the back of its around 100% year-on-year growth.
The startup is aiming to expand its product portfolio by working on R&D. It further targets enhancing its mixer grinders, the ‘Aris’ smartfan series and smart locks.
Founded in 2012 by Manoj Meena and Sibabrata Das, the startup is a D2C appliances manufacturer.
Commenting on the funding round, Meena said, “Atomberg is an engineering-led product-first company focused on solving latent consumer problems. 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.”
Further, Neeraj Shrimali, MD, digital and technology investment banking, Avendus Capital added, “This transaction further validates our conviction that ample capital is available for exceptional businesses, as global investors remain excited about the Indian digital and tech landscape.”
Atomberg offers a product range including energy efficient BLDC & smart fans, mixer grinders and smart locks. It claims to be present across 15,000+ retail touch points across the country.
Prior to this, it raised a total funding of $40.5 Mn over six rounds. The last round of funding was conducted in 2021, in which it raised $20 Mn from Jungle Ventures.
Back then, it had announced to more than double its presence to over 20,000 counters in the next 18 months.
In the financial year ending March 31, 2022, the startup witnessed 2.5X year-on-year growth in sales.
Last year another home appliances startup Up raised $1.3 Mn in seed funding round led by Zerodha’s fintech fund and incubator Rainmatter.
Another home appliances renting marketplace RentMojo raised $1.96 Mn in funding from IDG Ventures India and Accel Partners India.
According to a study conducted by Statista, in India, the revenue generated by the household appliances market amounted to $74.49 Bn in 2023. The market is expected to grow annually by 5.65% (CAGR 2023-2028).
The study further claims that by 2024 the volume of sales is expected to grow by 2.9%.
