Consumer product start-up Atomberg Technologies on Thursday announced that it has raised a $20-million growth funding round led by Jungle Ventures.

The round also witnessed participation from Inflexor Ventures, apart from existing investors, including A91 Partners, and noted angel investor Ramakant Sharma, co-founder of Livspace. So far, Atomberg has raised a total of $45 million since inception. The company will utilise the fresh funds to set up a new manufacturing facility, scale-up research and development activities, as well as to ramp up investments on distribution and branding, it said.

Founded by Manoj Meena and Sibabrata Das in 2012, Atomberg is a consumer appliance start-up headquartered in Mumbai. The company pioneered the ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India.

The company has been growing at over 200 per cent year-on-year consistently over the last six years, it said. It has a presence across Amazon and Flipkart, and has also successfully established its offline distribution network across 8,000 counters in 150 cities. It also has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 1,50,000 fans/ month.

Going forward, the company will expand into kitchen appliances with the launch of an inverter-technology led mixer-grinder, expected to hit the market in early 2022. The company also aims to more than double its presence to over 20,000 counters in the next 18 months.

Manoj Meena, CEO & Co-Founder of Atomberg Technologies said, “Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from pre-Covid times."

"This investment from Jungle Ventures and the confidence shown by our existing investors by participating in the round is validation of the vision we have to create a technology-led consumer durables brand that solves real consumer problems," added Meena.

Arpit Beri, VP Investments, Jungle Ventures said, “Manoj and Shibam have done a commendable job in disrupting a traditional appliance category of fans in India. With the team’s R&D focus and mindset, they have built a deep innovation pipeline for small appliances, backed by breakthrough technology."

"With Atomberg, we see huge potential to create a horizontal small appliance electronics brand in India and beyond. It’s a fantastic business with tremendous growth potential, and we are excited to partner with the team," said Beri.

Jatin Desai, Managing Partner at Inflexor Ventures added, “We have had the privilege of working with Manoj and Shibam early in their journey and have been very impressed with the way they have grown over the years. We arepleased to back Atomberg Technologies from Inflexor in their next phase of growth, where they will continue to scale up and disrupt the consumer durables landscape with smart application of technology.”

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