Atomberg Technologies, known for its eponymous ceiling fans, on Monday, said it has raised $86 million in a fresh funding round led by Temasek and Steadview Capital.
Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures participated in the funding round through a mix of primary and secondary transactions. The sale provided an exit to early angel investors of the company. Existing investor A91 Partners sold a small part of its stake, according to media reports.
Started by IIT-Bombay graduates Meena and Sibabrata Das in 2012, Atomberg claims that its energy-efficient fans consume just 28 watts resulting in savings of Rs1,500 per fan per year. In addition to being energy efficient, these fans are remote- and voice-controlled.
With the new funds, Atombeg aims to boost manufacturing capabilities, support new product launches and deepen its offline presence. The company also plans to expand its new offerings and seeks to enhance R&D capabilities to aid new product launches across various categories.
The company last raised $20 million in growth capital in December 2021 led by Jungle Ventures and Inflexor Ventures and $9.5 million in a Series B round of funding led by A91 Partners in 2020.
According to Atomberg’s latest earnings report available with MCA, the company’s total revenue, including other income, stood at Rs. 357.8 crore in FY22, up 147% in FY21. It suffered a loss of Rs 39.3 crore in FY22.
Atomberg’s latest fundraising bucks the funding slowdown trend in India, against the backdrop of the ongoing funding winter, driven by multiple factors such as the rate hikes in developed markets, the geopolitical situation in Eastern Europe, and COVID-related supply chain shocks.
Indian startups raised a total of $3.36-billion funding in the first quarter of 2023, down 72% from the last year, according to data from DealStreetAsia DATA VANTAGE’s latest report India Deal Review: Q1 2023.