Atomberg, a digital consumer appliances brand, has raised $86 million in series C funding led by Singaporean investor Temasek and Steadview Capital via a mix of primary and secondary issuances.
Trifecta Capital, as well as existing investors Jungle Ventures and Inflexor Ventures, participated in the round.
Avendus Capital acted as the exclusive financial advisor to Atomberg on this transaction.
According to Atomberg, the funds will be used to expand offline presence in key regions, strengthen manufacturing, and develop new products. Products from the startup include mixer grinders, the ‘Aris’ series of energy-efficient fans, and smart locks.
“Atomberg is an engineering-led product-first company focused on solving latent consumer problems,” said Manoj Meena, Atomberg’s co-founder and chief executive officer (CEO). “With this round of fundraising, our focus is on enhancing product development and improving our product suite.”
Sibabrata Das, Co-founder at Atomberg, concurred, saying, “This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers.”
Amid the “funding winter,” where startups find it difficult to raise capital, fundraising is taking place. On the other hand, Atomberg says that the latest funding round resulted from the company’s about 100% year-on-year growth. Although the company could not disclose its latest financials, its revenue from operations in FY22 increased 2.5X to Rs 356 crore from Rs 143 crore in FY21.
The startup raised $20 million in growth funding from Jungle Ventures in December 2021. According to reports, it has already raised around $130 million.
“Atomberg’s deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest growing companies across the consumer and technology sectors in India,” said Ravi Mehta, founder, and CIO at Steadview Capital.
Atomberg, founded in 2012, said it is present in more than 15,000 retail touchpoints in India.
