Mumbai-headquartered smart fans maker Atomberg Technologies on Tuesday announced that it has raised Rs 70 crore ($9.5 million according to current exchange rates) in a Series B round led by returning investor A91 Partners.
The round also saw debt funding from Trifecta Capital, apart from an infusion from existing investor Survam Partners, the family office of Suman Kant Munjal group, according to a statement.
Atomberg will use the fresh capital to expand its distribution network, build brand awareness and to ramp up production. The company said it will also expand its current product portfolio beyond energy efficient smart fans.
The company currently has a manufacturing facility at Navi Mumbai with a capacity of 1 lakh fans per month. It also runs 400 service centres across India, apart from a distribution network spanning 100 cities.
Atomberg last raised $10 million in September 2019 in a Series A round, which saw participation from Whiteboard Capital Fund, apart from A91 Partners and Survam Partners. With the latest investment, equity capital raised by the company has reached Rs 160 crore ($21 million).
“Over the last 12 months, we have grown significantly across all channels. Our offline distribution has grown by leaps and bounds, and we have also consistently been one of the top brands in ecommerce in our category. Our new product launches across ceiling, pedestal and exhaust fans have been very successful,” Manoj Meena, CEO of Atomberg Technologies said in the statement.
IIT Bombay alumni Meena and Sibabrata Das founded Atomberg Technologies in 2012, manufacturing BLDC motor fans that consume 65% less electricity a year. The fans, which are remote and voice controlled, are retailed across ecommerce channels including Amazon and Flipkart, apart from other channels.