Atomberg Technologies, which is into manufacturing of smart and energy-efficient ceiling fans, is looking to launch other home appliances such as mixer, grinder and air coolers.
The Mumbai-headquartered start-up founded by IIT Bombay graduates is hopeful of launching the home appliances range in the next 12-18 months. The company, which is currently present in 12-15 cities, is also looking to expand its operations by moving into newer towns and cities.
“Our R&D team is working on it (home appliances) and we hope to be able to launch the home appliances range including mixer, grinder and air coolers in the next 12-18 months,” Manoj Meena, CEO and Co-Founder, Atomberg Technologies, told BusinessLine .
The company, which recently raised Series A fund of $10 million, will utilise the same for product diversification as well as geographical expansion.
Since the time of its launch in 2015, Atomberg has sold close to 4 lakh units of ceiling fans till March 2019. The company is hopeful of achieving 25 per cent growth in sales to touch 5 lakh units by March 2020.
The ceiling fan market in India is estimated to be around ₹10,000 crore and has been growing at a CAGR of around 8 per cent in the last few years. However, the premium segment (fans priced at ₹2,000-8,000) has been growing at a much faster rate of around 25 per cent.
“Though the contribution of the premium segment is around 15 per cent (roughly about ₹1,500 crore) to the overall fan market, it has been growing at a much faster pace. This clearly indicates that consumers are moving towards premiumisation,” Meena said.
Atomberg, which sells its fans under the brand Gorilla, primarily operates in the premium segment. The company hopes to be able to garner 10 per cent share in the premium fans segment within the next two years.
The company, which has been witnessing a three-fold growth in business, expects to achieve a turnover of ₹100 crore by March 2020.
Nearly half of its sales come though online channel while the remaining comes through offline. It is present in around 1,200 counters across the 12-15 cities. Atomberg currently has 20 different variants of fans in its portfolio. It recently launched IoT-enabled smart fans which are Wi-Fi, Alexa and Google Home-controlled.