BackAtomberg raises $86 mn from Temasek, Steadview, others
New investor Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also invested in the round through a mix of primary and secondary shares
PremiumMumbai: Home appliances brand Atomberg Technologies on Monday said it raised $86 million in a Series C funding round led by Singapore state investor Temasek Holdings and India-focused fund Steadview Capital.
New investor Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also invested in the round through a mix of primary and secondary shares.
Mint was the first to report in March about Temasek and Steadview planning to invest in Atomberg at a valuation of $425 million- ₹450 million.
The fresh funds will be used to boost manufacturing capabilities, launch new products, deepen offline presence across key regions and consolidate its position in the consumer appliance market, Atomberg said.
Early investors, including A91 Partners and the Gogri family, sold some of their shares in the funding round, co-founder Sibabrata Das said. The company will use the funds to boost new product offerings, such as mixer grinders and smart locks and build out its fan series, Das said. It will also enhance its research and development capabilities.
Das said Atomberg has been doubling sales annually in recent years. It expects to turn profitable in FY24, with revenues of ₹1,000 crore.
The company has been profitable on earnings before interest, tax, depreciation, and amortization (Ebitda) level in the past two quarters, he added.
“Currently, the yearly run rate is $150 million in revenues," said Das, who is also chief operating officer at Atomberg. The yearly run rate was calculated by annualizing the sales numbers from the last quarter’s data.
Founded by IIT Bombay alumni Manoj Meena and Das, Atomberg makes fans with brushless direct current (BLDC) motors.
Avendus Capital acted as the exclusive financial adviser to Atomberg on this transaction.
“Atomberg is an engineering-led product-first company focused on solving latent consumer problems. Our proprietary tech stack is at the core of every product and has evolved over the years to deliver industry-leading products. With this round of fundraising, our focus is on enhancing product development and improving our product suite," Meena, who is also CEO at Atomberg, said in a statement.
“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," Ravi Mehta, founder and chief investment officer at Steadview Capital, said in the statement. Trifecta Growth Equity fund Partner Sandeep Bapat said the company had invested in Atomberg from its equity corpus after investing from the venture debt fund three years ago.
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