Atomberg, a consumer appliances brand, has received $86 million in its Series C funding round led by Temasek and Steadview Capital. The round which was a mix of primary and secondary issuances, also saw participation from Trifecta Capital, along with existing investors Jungle Ventures and Inflexor Ventures.

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Existing investor A91 Partners has also sold a small part of its stake. In this transaction, Avendus Capital acted as the exclusive financial advisor to Atomberg.

In December 2021, Atomberg raised $20 million as part of its Series C funding round, led by Jungle Ventures, at a valuation of $150 million, according to Tracxn data. A91 Partners and angel investor Ramakant Sharma participated in the round.

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According to the company, the fresh funds will be used to boost its manufacturing capabilities, support new product launches across categories and deepen its offline presence across key regions. The firm added that it aims to expand on its new offerings including mixer grinders, the 'Aris' fan series and smart locks. Additionally, the startup is looking to expand its R&D capabilities. The firm currently has about 200 SKUs across smart fans, mixer grinders, and smart locks.

"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. We are extremely excited to partner with Temasek, Steadview and Trifecta as we continue on our growth journey to disrupt the Indian consumer appliance market," said Manoj Meena, Co-founder and CEO, Atomberg.

Founded in 2012, Atomberg has launched several products with industry first features including energy efficient BLDC and smart fans, mixer grinders and smart locks. The company is currently present across 15,000+ retail touch points across the country and claims to have clocked 100 percent year-on-year growth.

"This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers," added Sibabrata Das, Co-founder at Atomberg.

India’s household appliances market clocked a revenue of $74.49 billion in 2023 and is expected to grow annually by 5.65 percent between 2023-2028. By 2024, the volume of sales is expected to grow by 2.9 percent, as per a report by Statista.

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First Published:May 29, 2023 3:45 PM IST