Atomberg Technology Pvt. Ltd, a consumer-technology company, has raised $10 million (approximately Rs 71.96 crore at current exchange rates) in its Series A funding round led by venture capital firm A91 Partners.
The company will use the funds for enhancing its distribution networks across all metro and non-metro cities apart from increasing the size of its research and development team, Atomberg said in a statement.
The company will also strengthen its intellectual property and expand its product portfolio, it added.
Other investors that participated in the round include Whiteboard Capital Fund, the early-stage fund established by Freecharge co-founder Sandeep Tandon and Survam Partners, the family office of Suman Kant Munjal.
Last month, VCCircle was the first to report that A91 was in talks for a potential $10 million investment in Atomberg.
The Mumbai-based startup was founded in April 2012 by two alumni of IIT-Mumbai, Manoj Meena and Shibam Das. The company sells its products both online and offline, and specialises in the production of energy-efficient smart fans.
Meena said Atomberg was committed to delivering differentiated technology products to its customers, and contributing to the overall growth of the hardware startup ecosystem. “We have been innovating not only at the product level, but have also taken a lead in the digital space and have become one of the top brands in the category in e-commerce,” he said.
Separately, A91 co-founder Abhay Pandey said Atomberg has managed to disrupt a traditional category by solving pain points for consumers. “They are well positioned to build a strong brand in the household appliances category,” he added.
In May 2016, the company raised about $1 million (Rs 6.7 crore) in a pre-Series A round from VC firm Parampara Capital. Prior to this, Atomberg raised Rs 1 crore from Aar EM Ventures in July 2015.
The company is currently has a presence in Mumbai, Bengaluru, Delhi-NCR (National Capital Region), Ahmedabad, Hyderabad, Chennai, Kolkata and Pune. It claims to have a variety smart fans that help households to save up to 65% in electricity and resulting costs. The company also says that it has over 300 service centres, and that it has installed over four lakh fans across the country.
A91 Partners was founded by Abhay Pandey, VT Bharadwaj and Gautam Mago. The trio had left Sequoia Capital between June 2017 and August 2018.
It closed its debut fund in July this year at $351 million (around Rs 2,403 crore). The fund aims to invest in 10 to 15 companies in the early-growth or late venture-capital stage of development, with a focus on sectors such as consumer goods and services, healthcare, financial services and technology.
More from my site