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Business News/ Companies / News/  Atomberg nears raising $90 mn in round led by Temasek, others
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Atomberg nears raising $90 mn in round led by Temasek, others

The investors have agreed to a post-money valuation of $425 million-$450 million, the people cited above said on the condition of anonymity. Existing investors are also expected to join the fundraising

Atomberg co-founders Manoj Meena (left)and Sibabrata DasPremium
Atomberg co-founders Manoj Meena (left)and Sibabrata Das

Mumbai: Global venture capital fund Steadview Capital and Singapore’s state investor Temasek has agreed to lead a $90 million (about 700 crore) investment in Atomberg Technologies Ltd, three people aware of the development said.

The investors have agreed to a post-money valuation of $425 million-$450 million, the people cited above said on the condition of anonymity. Existing investors are also expected to join the fundraising. The smart appliances maker counts A91 Partners, Parampara Capital and Jungle Ventures among its backers.

The Mumbai-based startup, founded in 2012 by Indian Institute of Technology-Bombay alumni Manoj Meena and Sibabrata Das, started off making smart, energy-saving fans. It has since diversified into smart mixer grinders and other home appliances, for which it needs fresh capital, the people said.

“The early backers are looking to exit, with the new investors coming in. The secondary portion of the deal is around $35 million-$40 million," one of the two people cited above said.

Atomberg last raised money in December 2021 in a $20 million growth funding round led by Jungle Ventures. In September 2019, it raised a Series A round of funding led by A91 Partners. Earlier in May 2016, it raised $1 million in a pre-Series A round from VC firm Parampara Capital.

Mint first reported the company’s fundraising plans on 1 December. The startup hired investment bank Avendus Capital to scout for investors.

Queries emailed to spokespeople for Atomberg and Steadview remained unanswered till press time. In an e-mailed response Temasek declined to comment.

As per the latest financials of Atomberg available with MCA, the company’s total revenue, including other income, stood at 357.8 crore in FY22, up 147% from 144.2 crore in FY21. It made a loss of 39.3 crore in FY22.

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ABOUT THE AUTHOR
Sneha Shah
Sneha writes on new economy businesses, private and public marker funding and deals. She writes about startups and the new economy, specifically PE/VC and investment banking.
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Published: 31 Mar 2023, 12:15 AM IST
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