New Delhi: Tech startup Atomberg Technologies has announced a Series A fundraise of $10 million led by A91 Partners. This round of funding also includes Whiteboard Capital Fund, the early stage fund founded by serial entrepreneur and FreeCharge co-founder Sandeep Tandon, and Survam Partners, the Suman Kant Munjal family office.
The funds will be used to boost the Mumbai-based company’s distribution networks across all metro and non-metro cities and strengthen its research and development team to help it develop a differentiated product portfolio.
“Initially, the strengthening of the hardware startup ecosystem in India had its own set of challenges: comprising setting up capital-heavy manufacturing units, organising the fragmented distribution channels and building the right trust with businesses and consumers. At Atomberg Technologies, our strong commitment to deliver unique innovation and technology helped us stay differentiated and ahead in the category, while simultaneously contributing to the growth of the sector in all possible ways. We have not only been innovating 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. We have successfully scaled up to an annual revenue run rate of ₹100 crore in the consumer space and are bullish about expansion to all metro and non-metro cities this year," said Manoj Meena, chief executive officer and co-founder of Atomberg Technologies.
A91 Partners is a new fund that focuses on aspirational entrepreneurs and high-growth startups across sectors.
“Atomberg has done a fabulous job in disrupting a traditional category that had not seen a lot of innovation. They are solving real consumer problems and catering to an evolving set of Indian consumers who demand the best products. Because of their technology strength and current market position, they are well positioned to build a strong brand in the household appliances category. We are very excited to help them in this journey," said Abhay Pandey, co-founder of A91 partners.