Temasek-Backed Atomberg Considers $200 Mn India IPO: Sources
- ByStartupStory | December 1, 2025
Consumer Electronics Firm Eyes Mumbai Listing Amid Booming Market Momentum
Mumbai-based consumer electronics startup Atomberg Technologies, backed by Singapore’s Temasek Holdings, is exploring a $200 million initial public offering (IPO) in Mumbai, blending fresh equity issuance with secondary share sales by existing investors. Sources familiar with the discussions indicate the company has engaged investment banks recently and plans to appoint advisers in coming weeks, potentially timing the listing as early as 2026 to capitalize on India’s robust IPO pipeline.
Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg began with energy-efficient ceiling fans using patented BLDC motors that deliver 40-60% power savings over induction models. The firm has since diversified into mixer grinders, water purifiers, air conditioners, and smart locks, achieving ₹1,000 crore revenue in FY25 despite widening losses to ₹204 crore from aggressive expansion.
Strong Backing And Growth Trajectory
Temasek led a $86 million round in 2023 alongside Steadview Capital, Jungle Ventures, and Inflexor Ventures, valuing the company at around $500-600 million pre-money. This capital fueled a 10x revenue jump since FY22, with fans comprising 70% of sales amid India’s $10 billion ceiling fan market growing at 8% CAGR. Atomberg’s Gorilla series—offering IoT connectivity and app controls—commands premium pricing, capturing 15% urban share against Havells, Crompton, and Orient.
The IPO would enable partial exits for early backers while funding R&D in IoT appliances, manufacturing scale-up, and international forays into Southeast Asia and Middle East. FY25 EBITDA turned positive at ₹50 crore, signaling path to profitability as mixer grinders hit ₹200 crore run-rate.
India’s IPO Surge Provides Tailwinds
Atomberg’s plans align with India’s hottest IPO market: $19.6 billion raised YTD surpassing 2024’s record $21 billion, driven by consumer and tech listings like Swiggy ($1.2B) and FirstCry. Brokerages like JM Financial and Kotak project 150+ offerings in 2026, with midcaps averaging 50% listing pops amid retail frenzy.
Peers validate timing: Crompton Greaves Consumer 1.09% trades at 60x earnings post-2021 listing; Havells India 0.46% at 70x. Atomberg’s 25% EBITDA margins and 50% YoY growth position it for 30-40x multiple, implying $6-8 billion valuation.
Challenges include competition from Chinese imports eroding pricing power and losses from AC/water purifier ramps. Management counters via 20 new SKUs planned for 2026 and vertical integration of motor production.
Strategic Context And Exit Path
Temasek’s portfolio—encompassing Zomato, Pine Labs—favors consumer durables with India exposure. Steadview’s secondary focus accelerates liquidity. Post-IPO proceeds target 10 million unit capacity by FY28, eyeing $1 billion revenue amid $50 billion addressable market.
Sources note no formal mandate yet, with Atomberg weighing market timing amid volatility. A successful listing would crown Atomberg as the next consumer IPO unicorn, blending efficiency tech with lifestyle branding in India’s aspirational households.
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