Atomberg Technologies Eyes New Product Launches With $10 Mn Series A

#News(Startup) [ via IoTGroup ]

Manoj Meena, CEO Atomberg, told Inc42 that the company is seeing 3x growth for the last 2-2.5 years
The funds will help the company double down the existing research and development team
Mumbai-based hardware deeptech startup Atomberg Technologies has raised $10 Mn in Series A funding, cofounder and CEO Manoj Meena told Inc42.
It will also double down the existing research and development team to strengthen the IP and develop a competitive and differentiated product the pipeline targeted at the evolving Indian consumer.
The company also plans to expand the current product portfolio to include more products built on the core value proposition of BLDC and motor technology, Meena said.
Prior to this round, Atomberg Technologies has raised $2.5 Mn from IDFC Parampura and Survam Partners.
Atomberg Technologies: Gorilla Fans And 3X Growth
Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg Technologies is a smart and efficient motor based home appliance company and is manufacturing energy-efficient fans known as ‘Gorilla’ fans.
The company says that these ‘Gorilla’ range of fans help households to save up to 65% electricity and INR 1500-2000 per year/fans, by just consuming 28W power in full speed.
Meena told us that the company has 4 lakh ceiling fans installed across the country and their current monthly run rate is 35K-45K fans.
In a media statement, Meena said, “We are excited to partner with A91 Partners as they have had a lot of experience in helping scale up multiple consumer businesses in India.
Meena told us that the company is seeing 3x growth in terms of volume for last 2-2.5 years.
Some of the other reasons include lack of high-skilled workforce, low-level readiness of the Indian public towards technology and more.
As per DataLabs by Inc42, between 2014 to 2018 the funding in deeptech startups made only a mere 1.45% of the total venture capital poured into the Indian startup ecosystem.

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