Consumer products-focused Atomberg Technologies on Thursday announced a USD 20 million fundraise for a new manufacturing facility, in a round led by Jungle Ventures.
The round, which takes the overall funds raised by the city-headquartered company to USD 45 million since inception in 2012, also saw participation from Inflexor Ventures, and existing investors A91 Partners and angel investor Ramakant Sharma, as per an official statement.
Apart from a new manufacturing facility at an undisclosed location, the funds raised will also be deployed for scaling up research and development, distribution channels and brand building, it said. The company, which pioneered a technology reducing power consumption for fans by 65 per cent, currently manufactures from a facility in Navi Mumbai which can produce 1.5 lakh fans a month.
It aims to expand its presence into kitchen appliances with the launch of a 'inverter-technology-led mixer grinder' scheduled for a launch in early 2022, and more than double its presence to 20,000 counters in the next 18 months, the statement said, adding that in the last six months, it has grown by 200 per cent per annum. "Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from the pre-COVID times," its chief executive and co-founder Manoj Meena said.
"With the team's R&D focus and mindset, they have built a deep innovation pipeline for small appliances backed by breakthrough technology. With Atomberg, we see a huge potential to create a horizontal small appliance electronics brand in India and beyond," Arpit Beri, vice president investments at Jungle Ventures said.