Consumer appliances brand has raised $86 million in a mix of primary and secondary issuances in its Series C funding round led by Temasek and Steadview Capital. Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also participated in the round.
The company will use the funds to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions, and consolidate the company’s position in India’s consumer appliance market.
The Mumbai-based startup also aims to expand on its new offerings, including mixer grinders, the ‘Aris’ fan series, and smart locks. Additionally, it seeks to enhance R&D capabilities to aid new product launches across various categories.
The company had last raised $20 million in growth capital in December 2021 led by Jungle Ventures and Inflexor Ventures.
“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,” said Manoj Meena, Co-founder and CEO, Atomberg.
“We are extremely excited to partner with Temasek, Steadview, and Trifecta as we continue on our growth journey to disrupt the Indian consumer appliance market,” he added.
Founded in 2012 by IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg is an engineering-led product-first company focused on solving latent consumer problems. Its ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India has continuously innovated and improved the technology.
“We are thrilled to invest in the Series C funding round for Atomberg and support their vision of revolutionising the consumer appliance market in India. Atomberg’s deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest-growing companies across the consumer and technology sectors in India,” Ravi Mehta, Founder and CIO, Steadview Capital, said.
“The Atomberg management team has consistently demonstrated a strong understanding of the consumer appliances market, leveraging strong R&D capabilities to develop premium, energy-efficient products. We had the opportunity to support them with venture debt three years ago,” said Sandeep Bapat, Partner at Trifecta Growth Equity.
“Given their ability to redefine the industry through innovation and build a large business, we are now excited to support their growth journey by investing from our Growth Equity Fund,” he added.
