 "Atomberg raises $86 mn in series C funding from Temasek, Steadview Capital")
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.
The round also saw participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures.
Avendus Capital acted as the exclusive financial advisor to Atomberg on this transaction.
Atomberg said it will use the money to strengthen manufacturing, develop new products, and deepen its offline presence in key regions. The start-up’s products 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.”
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The fundraise comes amid the so-called funding winter where start-ups are struggling to raise capital. Atomberg, on the other hand, claims that the latest funding round comes on the back of around 100 per cent year-on-year growth by the company. Although the firm did not share its latest financials, its revenue from operations in FY22 scaled up 2.5X to Rs 356 crore, as against Rs 143 crore in FY21.
The company had previously raised $20 million back in December 2021 as growth funding from jungle Ventures. It has reportedly raised nearly $130 million to date.
“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, which was founded in 2012, said it is present in more than 15,000 retail touch points in India.