The Busy Brains
30 May 2023
Mumbai-based consumer appliance brand Atomberg Technology secures $86 million in Series C funding, with participation from Temasek, Steadview Capital, and other investors. Discover how the raised capital will fuel the company's expansion plans, including manufacturing capabilities, new product launches, and market consolidation.
Mumbai-based consumer appliance brand, Atomberg Technology, has successfully raised $86 million (Rs 710 crore) in a Series C funding round. The funding was led by prominent investors Temasek and Steadview Capital, along with participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures.
Atomberg Technology, founded by alumni from IIT Bombay, intends to utilize the raised capital to strengthen its manufacturing capabilities, introduce new products, expand its offline presence in key regions, and solidify its position in India's consumer appliance market.
In addition to these objectives, the company plans to focus on enhancing its offerings, which include mixer grinders, the 'Aris' fan series, and smart locks. It also aims to boost its research and development capabilities to support the launch of new products across various categories.
Since its establishment in 2012 by Manoj Meena and Sibabrata Das, Atomberg has gained recognition for its range of consumer appliance products, particularly its brushless direct current electric motors (BLDC) and smart fans. The company has also ventured into the market of mixer grinders and smart locks, showcasing its leadership in BLDC fans.
With the significant funding secured in the Series C round, Atomberg Technology is well-positioned to accelerate its growth trajectory, meet market demands, and deliver innovative solutions to consumers across India.
“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," Meena, who is also the CEO at Atomberg, said in a statement.
Ravi Mehta, Founder and CIO at Steadview Capital, said, “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. We believe in Atomberg’s potential to disrupt the industry and are excited to be part of their growth journey.”