Consumer products maker Atomberg Technologies, which is known for its smart fans, has raised $20 million in a funding round led by Jungle Ventures. The company said the capital will be deployed for a new manufacturing facility.
The round, which takes the overall funds raised by the company to $45 million since inception in 2012, also saw participation from Inflexor Ventures, and existing investors A91 Partners and angel investor Ramakant Sharma, as per an official statement.
The company aims to expand its presence into kitchen appliances with the launch of a ‘inverter-technology-led mixer grinder’ scheduled for a launch in early 2022, and more than double its presence to 20,000 counters in the next 18 months, the statement said, adding that in the last six months, it has grown by 200% per annum.
“Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from the pre-Covid times,” said Manoj Meena, Atomberg’s cofounder and CEO.
Apart from a new manufacturing facility at an undisclosed location, the funds raised will also be deployed for scaling research and development, distribution channels and brand building, it said.
The company currently manufactures from a facility in Navi Mumbai which can produce 1.5 lakh fans a month.
“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 a huge potential to create a horizontal small appliance electronics brand in India and beyond,” Arpit Beri, vice president investments at Jungle Ventures said.
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