Mumbai-headquartered smart-fan maker Atomberg Technologies has raised $10 million in its Series A funding round, led by A91 Partners, a venture capital firm launched last year by former executives of Sequoia Capital India.
Whiteboard Capital Fund, an early stage fund floated by Freecharge co-founder Sandeep Tandon and Suman Kant Munjal's family office Survam Partners also participated in the round, an official statement from the startup said.
The funds will be used to expand distribution networks across metro and non-metro cities, the statement added.
Atomberg will also double its research and development team to strengthen its intellectual property and expand product pipeline.
“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 ecommerce. We have successfully scaled up to an annual revenue run rate of Rs 100 crore in the consumer space and are bullish about expansion to all metro and non-metro cities this year,” said Manoj Meena, CEO and co-founder, Atomberg Technologies.
Atomberg is a smart and efficient motor-based home appliance company co-founded by Indian Institute of Technology (IIT)-Bombay graduates Meena and Sibabrata Das. It manufactures energy-efficient fans under the brand name Gorilla and sells both online and offline.
According to the company, its fully integrated manufacturing facility at Navi Mumbai has a production capacity of 100,000 fans per month. It also operates over 300 service centres across India.
The company had earlier raised $2.5 million from IDFC Parampara and Survam Partners.
“Atomberg has done a fabulous job in disrupting a traditional category which 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. And because of their technology strength and current market position, they are well-positioned to build a strong brand in the household appliances category,” said Abhay Pandey, co-founder of A91 Partners.
A91 Partners was founded by ex-Sequoia Capital India executives V T Bharadwaj, Gautam Mago and Pandey who were later joined by Kaushik Anand, former India head of CapitalG (earlier known as Google Capital). The debut fund closed in July this year at $351 million. It focuses on sectors such as consumer goods and services, healthcare, financial services and technology. A91 Partners has invested in beverage brand Paper Boat and make-up brand Sugar Cosmetics.