Atomberg technologies which are a Mumbai based startup has now revealed that it has secured $110 Million as a part of its Series A funding round led by the A91 Partners. The round also saw the participation from the Whiteboard Capital Fund and Survam Partners.
The startup also had previously secured a total of $2.5 million from the Survam Partners and Parampara.
The startup is looking to use the fresh funding for amplifying its distribution network across both the metro and non-metro cities while doubling its existing R&D team count to strengthen its IP and develop a competitive and differentiated product pipeline.
Atomberg Technologies also plans to expand the current product portfolio to include more products builts on its core value proposition.
The company which is founded by the Sibabrata Das, Manoj Meena in the year 2012. Atomberg Technologies entered the ceiling fans industry in the year 2015, and manufacturers the energy-efficient and small ceiling fans by the name as Gorilla.
“We are excited to partner with A91 Partners as they have had a lot of experience in helping scale up to multiple consumer businesses in India. With Sandeep, who is an expert in electronics manufacturing, we are happy to use his knowledge to streamline and expand our manufacturing expertise. Extremely thrilled and excited for the next phase of growth.”Commenting on this announcement, Manoj Meena, CEO & Co-Founder of Atomberg Technologies
Besides that, Manoj Meena also added that they are even excited to have successfully scaled the business to an annual revenue run rate of INR 100 crore in the customer space and are even bullshit about expansion to all metro and non-metro cities this year.
“We believe in partnering with exceptional founders building the next generation of enduring Indian businesses. Atomberg has done a fabulous job in disrupting a traditional category which had not seen a lot of innovation. They are solving real consumer problems and catering to an evolving set of Indian consumers who demand the best products. And because of their technology strength and current market position, they are well positioned to build a strong brand in the household appliances category.”Abhay Pandey, Co-founder of A91 Partners