Atomberg is looking to raise capital at a $425 million valuation
- ByStartupStory | November 30, 2022
According to three persons with knowledge of the situation, Atomberg Technologies, a manufacturer of energy-efficient fans, is in negotiations with investors to raise money at a valuation of approximately $425 million.According to one of the three persons, the Mumbai-based business is looking to raise about $75 million. The insider, who asked to remain anonymous, stated that a secondary goal of the campaign is to give some of its early investors a way out.
The insiders, who also requested anonymity, claimed that Atomberg will utilise the money to increase marketing and diversify its product offering. Avendus Capital, an investment bank, was hired by the startup to find investors. Among other parties, Atomberg is in discussions with WestBridge Capital and Steadview Capital. Avendus’ spokesman declined to comment, while email inquiries to Atomberg and other investors went unanswered up to the time of publication.
The Indian Institute of Technology-Bombay graduates Manoj Meena and Shibam Das founded the Mumbai-based startup in 2012 with a focus on producing energy-efficient fans. With the introduction of mixer grinders, the company has since expanded into the production of kitchen appliances.
According to Atomberg, its fans use brushless DC motors, which use 65% less electricity than conventional induction motors. This allegedly results in annual savings of almost $1,500. Additionally, the fans have remote controls. Indians are becoming more interested in energy-efficient appliances as a result of rising electricity prices and the environmental impact of energy-guzzling technology.
In Pune, Atomberg opened a 350,000 square foot manufacturing facility earlier this year. The factory will be able to produce up to 750,000 fans each month. It will also help Atomberg, which has a monthly production capacity of 25,000 mixer grinders, enter the kitchen appliance market. The company claims to have sold its products to more than 1 million households and has achieved an annual revenue run rate in the fan industry of 700 crore.
In December 2021, Jungle Ventures led a growth investment round in which the firm most recently raised $20 million. The business raised its Series A round of funding in September 2019, under the direction of A91 Partners. A91 Partners made a commitment of 70 crore to the Series B round as well. It received a $1 million pre-Series A round of funding from venture capital firm Parampara Capital in May 2016. Prior to that, in July 2015, Atomberg received 1 crore from Aar EM Ventures.
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