Atomberg Technologies is planning to raise funds at a nearly $425 million valuation, as per a report in the Mint. Avendus Capital has been hired by the company to scout for investors, according to three people aware of the development. The start-up is looking to raise nearly $75 million according to the report. Atomberg is in talks with Steadview Capital, WestBridge Capital and others regarding the fund raising. The Mumbai-based start-up will utilise the funds to expand its product line and boost its marketing. Atomberg Technologies had raised $20 million as part of its growth funding round in December 2021, which was led by Jungle Ventures.
Atomberg raised $1 million in a pre-Series A round from VC firm Parampara Capital in May 2016. Before that, the firm had raised Rs 1 crore from Aar EM Ventures in 2015. The company raised its Series A round of funding led by A91 Partners in September 2019. In the Series B round as well, A91 Partners was a participant, contributing Rs 70 crore.
Atomberg Technologies specialises in energy saving fans and was founded in 2012 by Indian Institute of Technology (IIT) Bombay alumni Manoj Meena and Shibam Das. With the launch of mixer grinders, the company has also expanded its business to kitchen appliances. According to Atomberg, its fans utilize brushless DC motors. The company claims that its fans use 65 percent less electricity than those that use traditional induction motors. This leads to a saving of Rs 1,500 per year. The fans made by this start-up are also remote-controlled.
Atomberg established a manufacturing plant in Pune earlier this year, spreading over 350,000 sq. feet. The factory will be able to manufacture as many as 750,000 fans per month. With a manufacturing capacity of 25,000 mixer grinders a month, it is also going to support Atomberg’s expansion in the kitchen appliances sector. According to the start-up, it has sold its products to more than 1 million households and touched an annual revenue rate of Rs 700 crore in the fan business.