Indian smart appliance startup Atomberg Technologies lands $9.4m in series B round

Atomberg Technologies, a consumer appliance startup, has raised 70 crore rupees (US$9.4 million) in a series B funding, led by A91 Partners.

Photo credit: Atomberg Technologies

Survam Partners and venture debt fund Trifecta Capital also joined the round.

Founded in 2012, the Indian startup manufactures motor-based ceiling fans, pedestal fans, exhaust fans, and wall fans. These devices are designed to be energy-efficient and controlled remotely and via voice commands. They are available in more than 6,000 counters across the country.

The funds will be used to scale the company’s distribution network and ramp up its production capacity. It also plans to introduce more products based on brushless energy-efficient DC fans and motor technology.

“We have successfully scaled up to an annual revenue run rate of 150 crore rupees plus (US$20.3 million) and we are bullish about continuing this rate of growth for the next few years,” said Manoj Meena, CEO and co-founder of Atomberg Technologies.

Its fans are available on online marketplaces such as Amazon and Flipkart. Atomberg Technologies says that it has helped Indian households save up to 65% electricity and about 1,500 to 2,000 rupees (US$20.30 to US$27.10) per year by consuming 28 watts in full speed.

See also: Investment platform lets more people own a piece of Indonesian consumer startups

A91, which was founded by former partners at Sequoia Capital India, focuses on high-growth startups in consumer, technology, financial services, and healthcare sectors in India.

In September, Atomberg Technologies had secured US$10 million in a series A round that was also led by A91. Whiteboard Capital Fund and Survam Partners also participated in the fundraise.

The smart appliance company competes with the likes of Orient Electric, Crompton Greaves Electricals, and Maxon Motor in the Indian market.

Currency converted from Indian rupees. Rate: US$1 = 73.73 rupees