Smart fan maker, Atomberg Technologies, has just completed its Series A fund raising f $10 million and this round has been led by A91 Partners. Whiteboard Capital Fund and Survam Partners have also participated in this round of investment. Survam Partners, a Suman Kant Munjal family office had already made investment in Atomberg earlier, the others are doing for the first time.
Atomberg has developed its own technology for making electric fans run on brushless DC motors, also called BLDC motors. According to Atomberg, these fans, in the ‘Gorilla’ brand, consume around 65% less power and can help you save a lot on your power bill. The figure put out by them is up to Rs 2,000 per year depending on the size of the fan you have fitted and the speed at which you run them. The fans come with a remote to control the speed etc.
“Initially, the strengthening of the hardware startup ecosystem in India had its own set of challenges: comprising of 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 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 e-commerce. We have successfully scaled up to an annual revenue run rate of Rs 100 crores in the consumer space and are bullish about expansion to all metro and non-metro cities this year,” Manoj Meena, CEO & Co-Founder of Atomberg Technologies said.
The funds now raised will be used by Atomberg to further expand the reach of its products both geographically and in terms of adding to the distribution network it already has. Atomberg has been able to have its fans sold through the ecommerce platforms as well. The company wants to improve on its efforts at research & development too. There may be additional products beyond fans being planned as well.
“We believe in partnering with exceptional founders building the next generation of enduring Indian businesses. 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. We are very excited to help them in this journey”, said Abhay Pandey, co-founder of A91 partners.
The company has declared in the past that it is taking on the Make in India challenge seriously and its products have come for appreciation and praise from none other than the Prime Minster himself. Atomberg had won the ‘Champions of Change’ recognition from Niti Aayog and the 'United Nations Industrial Development Organisation' (UNIDO) had awarded it for its 'Global CleanTech Innovation Program' in Energy Efficiency category.
It has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 100000 fans/month and over 300 service centres across India.