Client product start-up Atomberg Applied sciences on Thursday introduced that it has raised a $20-million development funding spherical led by Jungle Ventures.
The spherical additionally witnessed participation from Inflexor Ventures, aside from present buyers, together with A91 Companions, and famous angel investor Ramakant Sharma, co-founder of Livspace. Thus far, Atomberg has raised a complete of $45 million since inception. The corporate will utilise the contemporary funds to arrange a brand new manufacturing facility, scale-up analysis and improvement actions, in addition to to ramp up investments on distribution and branding, it mentioned.
Based by Manoj Meena and Sibabrata Das in 2012, Atomberg is a client equipment start-up headquartered in Mumbai. The corporate pioneered the ‘Brushless DC Motor’ (BLDC) expertise for ceiling followers in India.
The corporate has been rising at over 200 per cent year-on-year constantly during the last six years, it mentioned. It has a presence throughout Amazon and Flipkart, and has additionally efficiently established its offline distribution community throughout 8,000 counters in 150 cities. It additionally has a completely built-in manufacturing facility at Navi Mumbai with a capability of 1,50,000 followers/ month.
Going ahead, the corporate will increase into kitchen home equipment with the launch of an inverter-technology led mixer-grinder, anticipated to hit the market in early 2022. The corporate additionally goals to greater than double its presence to over 20,000 counters within the subsequent 18 months.
Manoj Meena, CEO & Co-Founding father of Atomberg Applied sciences mentioned, “Throughout the final 18 months, we now have seen virtually a 5x development in our month-to-month revenues from pre-Covid instances.”
“This funding from Jungle Ventures and the boldness proven by our present buyers by collaborating within the spherical is validation of the imaginative and prescient we now have to create a technology-led client durables model that solves actual client issues,” added Meena.
Arpit Beri, VP Investments, Jungle Ventures mentioned, “Manoj and Shibam have completed a commendable job in disrupting a conventional equipment class of followers in India. With the crew’s R&D focus and mindset, they’ve constructed a deep innovation pipeline for small home equipment, backed by breakthrough expertise.”
“With Atomberg, we see enormous potential to create a horizontal small equipment electronics model in India and past. It’s a improbable enterprise with super development potential, and we’re excited to companion with the crew,” mentioned Beri.
Jatin Desai, Managing Associate at Inflexor Ventures added, “We now have had the privilege of working with Manoj and Shibam early of their journey and have been very impressed with the best way they’ve grown through the years. We arepleased to again Atomberg Applied sciences from Inflexor of their subsequent part of development, the place they’ll proceed to scale up and disrupt the buyer durables panorama with good software of expertise.”