Digital home appliances startup Atomberg raised $86 million in Series C led by Temasek and Steadview Capital where Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also participated.
Atomberg plans to utilize the funds to enhance its manufacturing capacity, support the launch of new products, and strengthen its presence in the offline retail market. The startup cites approximately 100% year-on-year growth as the driving force behind the successful funding round.
Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg is a direct-to-consumer (D2C) appliances manufacturer. The company aims to expand its product portfolio through research and development efforts, focusing on improving mixer grinders, the ‘Aris’ smartfan series, and smart locks.
Manoj Meena, co-founder of Atomberg, emphasized the company’s commitment to engineering-led product development and solving consumer problems. The startup’s proprietary technology stack plays a central role in delivering industry-leading products. With the latest funding round, Atomberg intends to further enhance product development and improve its overall product suite.
The recent funding round highlights the availability of ample capital for exceptional businesses in the Indian digital and tech landscape, according to Neeraj Shrimali, MD of digital and technology investment banking at Avendus Capital.
Atomberg offers a wide range of products, including energy-efficient BLDC and smart fans, mixer grinders, and smart locks. The company claims to have a presence in over 15,000 retail touchpoints across India.
Prior to the Series C round, Atomberg had raised a total of $40.5 million in funding through six rounds. In 2021, it raised $20 million from Jungle Ventures, with plans to expand its presence to over 20,000 retail counters within 18 months.
In the fiscal year ending March 31, 2022, Atomberg achieved a 2.5x year-on-year growth in sales.
The household appliances market in India is projected to generate revenue of $74.49 billion in 2023, with an expected annual growth rate of 5.65% (CAGR 2023-2028), according to a study by Statista. The study further predicts a 2.9% increase in sales volume by 2024.