Atomberg, the native consumer appliances brand, has raised $86 million in its Series C funding round led by Temasek and Steadview Capital with participation from Trifecta Capital, and existing investors Jungle Ventures and Inflexor Ventures, via a mix of primary and secondary issuances.
The fresh fund infusion will be used to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions and consolidate Atomberg’s position as a leading player in India’s consumer appliance market. Further, the company aims to expand on its new offerings, including mixer grinders, the ‘Aris’ fan series and smart locks. Additionally, it seeks to enhance research and development capabilities to aid new product launches across various categories.
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The fresh fundraising by Atomberg is also notable since there have been very few startups in the consumer electronics space that has flourished in India with VC-PE funding. Some examples include Boat Lifestyle, which is funded by Qualcomm Ventures and Warburg Pincus. Apart from this, Gurugram-based Noise also closely competes with Boat in the same product categories although has remained bootstrapped since its launch in 2014.
Excluding the current fundraising, Atomberg has raised a little over $40 million in equity financing to date from investors such as A91 Partners, Jungle Ventures, Hero Group and others. The startup had last raised $20 million in growth equity funding in December 2021.
Founded by IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg manufactures smart consumer appliances and claims to be the market leader in brushless direct current electric motor (BLDC) fans. It is present across 15,000 retail touchpoints across the country. Co-founder Das said that the fresh capital will allow the company to accelerate its growth and expand its team size.
“Atomberg is an engineering-led product-first company focused on solving latent consumer problems. With this round of fundraising, our focus is on enhancing product development and improving our product suite,” said Meena.
“The Atomberg management team has consistently demonstrated a strong understanding of the consumer appliances market… We had the opportunity to support them with venture debt three years ago. Given their ability to redefine the industry through innovation and build a large business, we are now excited to support their growth journey by investing from our growth equity fund,” added Sandeep Bapat, partner at Trifecta Growth Equity.
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The consumer electronics market in India has been witnessing significant growth in recent years, driven by increasing disposable incomes, urbanisation and a growing middle-class population. While the Indian consumer electronics market has traditionally been dominated by established brands and foreign players, the emergence of D2C brands like Atomberg has disrupted the industry.
