Atomberg raises $86 million from Temasek, Steadview Capital and others

Mumbai, Might 29 (PTI) Home shopper home equipment model Atomberg on Monday mentioned it has raised USD 86 million in a contemporary funding spherical led by Temasek and Steadview Capital. The most recent spherical of capital infusion has additionally seen participation from Trifecta Capital and present traders Jungle Ventures and Inflexor Ventures by way of a mixture of main and secondary issuances, Atomberg mentioned in an announcement.

The funds mopped below Collection C spherical can be used to spice up manufacturing capabilities, assist new product launches, deepen offline presence throughout key areas and additional consolidate firm’s place within the home shopper equipment market, it mentioned.

The brand new funding comes on the again of round 100 per cent year-on-year development of the corporate, it said.

Based in 2012 by technocrats and IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg’s product suite consists of brushless direct present electrical motor (BLDC) and good followers, mixer grinders and good locks with management in BLDC followers.

The digitally native shopper equipment model has presence throughout over 15,000 retail contact factors throughout the nation.

“With this spherical of fundraising, our focus is on enhancing product growth and bettering our product suite,” mentioned Manoj Meena, co-founder and chief government officer, Atomberg.

Additional, the corporate goals to develop on its new choices together with mixer grinders, the ‘Aris’ fan sequence and good locks, Atomberg mentioned and added that it additionally seeks to reinforce R&D capabilities to help new product launches throughout varied classes.

“Atomberg’s deep engineering experience and give attention to fixing shopper issues via revolutionary merchandise align completely with our technique of backing the quickest rising firms throughout the patron and know-how sectors in India,” mentioned Ravi Mehta, founder and CIO at Steadview Capital.

The corporate’s give attention to design and innovation has allowed it to reimagine these merchandise, elevating their performance, efficiency, and consumer expertise, mentioned Sibabrata Das, co-founder, Atomberg.

“This spherical of funding will permit us to speed up our development, develop our crew, and ship even better worth to our prospects,” added Das

“We had the chance to assist them (Atomberg) with enterprise debt three years in the past. Given their skill to construct a big enterprise, we are actually excited to assist their development journey by investing from our development fairness fund,” mentioned Sandeep Bapat, Accomplice at Trifecta Progress Fairness.

Avendus Capital acted because the monetary advisor to Atomberg on this transaction, the assertion mentioned.