Atomberg Technology, an Indian consumer appliances company, has secured $86 million from global investors such as Temasek, Steadview Capital and Trifecta Capital. In addition, existing investors of the company including Jungle Ventures and Inflexor Ventures also participated in the round through a mix of primary and secondary issuances. In December 2021, both the investors invested $20 million to invest in the company.
The funds will be utilized for enhancing the company's manufacturing capabilities, supporting new product launches, and enhancing offline presence in key regions. The company, based in Mumbai, is aiming to strengthen its existing product lines.
Atomberg's CEO, Manoj Meena, co-founder and CEO, said it is an engineering-led product-first company focused on solving latent consumer problems. Our tech stack is key to every product and has evolved over the years to provide industry-leading products. Our focus is on enhancing product development and enhancing our product suite as a result of this round of fundraising. We are extremely excited to partner with Temasek, Steadview, and Trifecta as we continue our expansion journey to disrupt the Indian consumer appliance market. Meena and Sibabrata Das founded Atomberg in 2012, which was founded by Meena and Sibabrata Das. A digitally-driven consumer appliances firm offers products such as energy-efficient Brushless DC Motors and smart fans, mixer grinders, and smart locks. At present, it's present across more than 15,000 retail touch points across the nation.
The investors also shared their support for the company and help it revolutionise the Indian appliances market.
Our innovative products and deep engineering expertise and focus on addressing consumer problems are perfectly aligned with our strategy of supporting 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 of Steadview Capital.
The Atomberg management team has consistently demonstrated a strong understanding of the consumer appliances market, using renowned R&D capabilities to create high-quality, energy-efficient products, Mr. Bapat said. With their ability to transform the industry through innovation and create a large business, we are now eager to support their growth journey by investing in our growth equity fund.