Temasek, Steadview Capital & others invest $86 mn in Atomberg Technology

Indian consumer appliance brand Atomberg Technology has raised $86 million from global investors such as Temasek, Steadview Capital and Trifecta Capital. Additionally, existing investors of the company including Jungle Ventures and Inflexor Ventures also participated in the round through a mix of primary and secondary issuances. Both the investors infused $20 million as growth capital in the company in December 2021. 
 
Avendus Capital was the exclusive financial advisor for this deal. 
 
The funds will be utilised for boosting the company’s manufacturing capabilities, support new product launches, and strengthen offline presence across important regions. The Mumbai-based company is also endeavouring to strengthen its existing product categories. 
 
Commenting on this development, Manoj Meena, Co-founder and CEO of the company said, “Atomberg is an engineering-led product-first company focused on solving latent consumer problems. Our proprietary tech stack is at the core of every product and has evolved over the years to deliver industry leading products. With this round of fundraising, our focus is on enhancing product development and improving our product suite. We are extremely excited to partner with Temasek, Steadview and Trifecta as we continue on our growth journey to disrupt the Indian consumer appliance market.”
 
Atomberg was founded in 2012 by Meena and Sibabrata Das. The digitally-driven consumer appliances brand offers products such as energy efficient Brushless DC Motors and smart fans, mixer grinders and smart locks. At present, it is present across more than 15,000 retail touch points across the country. 
 
The investors also shared how they want to support the company and help it revolutionise the Indian appliances market. 
 
“Atomberg's deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest growing companies across the consumer and technology sectors in India. We believe in Atomberg’s potential to disrupt the industry and are excited to be part of their growth journey,” said Ravi Mehta, Founder and CIO at Steadview Capital.
 
Sandeep Bapat, Partner at Trifecta Growth Equity added, “The Atomberg management team has consistently demonstrated a strong understanding of the consumer appliances market, leveraging strong R&D capabilities to develop premium, energy-efficient products. Given their ability to redefine the industry through innovation and build a large business, we are now excited to support their growth journey by investing from our Growth Equity Fund.”

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