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Mumbai, May 29 (PTI) Domestic consumer appliances brand <keyword id="3494843" type="General" weightage="20" keywordseo="Atomberg" source="Orion">Atomberg</keyword> on Monday said it has raised USD 86 million in a fresh funding round led by Temasek and Steadview Capital. The latest round of capital infusion has also seen participation from Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures via a mix of primary and secondary issuances, Atomberg said in a statement. The funds mopped under Series C round will be used to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions and further consolidate company's position in the domestic consumer appliance market, it said. The new investment comes on the back of around 100 per cent year-on-year growth of the company, it stated. Founded in 2012 by technocrats and IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg's product suite includes brushless direct current electric motor (BLDC) and smart fans, mixer grinders and smart locks with leadership in BLDC fans. The digitally native consumer appliance brand has presence across over 15,000 retail touch points across the country. "With this round of fundraising, our focus is on enhancing product development and improving our product suite," said Manoj Meena, co-founder and chief executive officer, Atomberg. Further, the company aims to expand on its new offerings including mixer grinders, the 'Aris' fan series and smart locks, Atomberg said and added that it also seeks to enhance R&amp;D capabilities to aid new product launches across various categories. "Atomberg's deep engineering expertise and focus on solving consumer problems through innovative products align perfectly with our strategy of backing the fastest growing companies across the consumer and technology sectors in India," said Ravi Mehta, founder and CIO at Steadview Capital. The company's focus on design and innovation has allowed it to reimagine these products, elevating their functionality, performance, and user experience, said Sibabrata Das, co-founder, Atomberg. "This round of funding will allow us to accelerate our growth, expand our team, and deliver even greater value to our customers," added Das "We had the opportunity to support them (Atomberg) with venture debt three years ago. Given their ability to build a large business, we are now excited to support their growth journey by investing from our growth equity fund," said Sandeep Bapat, Partner at Trifecta Growth Equity. Avendus Capital acted as the financial advisor to Atomberg on this transaction, the statement said.

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

<ul><li>The Series B fundraising was led by <keyword id="6751330" type="UNKNOWN" weightage="20" keywordseo="A91-Partners">A91 Partners</keyword>, with participation from Trifecta Capital and Survam Partners.</li><li>Earlier, <keyword id="3494843" type="PERSON" weightage="20" keywordseo="atomberg">Atomberg</keyword> had raised $10 million in Series A funding in September 2019, and around $2.5 million prior to that.</li><li>Atomberg Technologies is a <keyword id="10397137" type="UNKNOWN" weightage="20" keywordseo="consumer-electronics-startup">consumer electronics startup</keyword> that manufactures fans.</li><li>Its motor technology uses up to 65% less power than regular fan motors.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Consumer electronics startup Atomberg has raised ₹70 crore in its latest round of fundraising, led by venture capital firm A91 Partners. This Series B fundraising round also saw participation from Trifecta Capital and Survam Partners. This latest round of funding means Atomberg has so far raised ₹160 crore (approx. $22 million). It had raised $10 million in Series A funding led by A91 Partners, along with Whiteboard Capital Fund and Survam Partners. Prior to that, it had raised $2.5 million from IDFC Parampara and Survam Partners. Atomberg Technologies was founded in the IIT Bombay campus in 2012 by Manoj Meena and Sibabrata Das. It was the winner in the ‘Best on Campus’ category in <a href="https://economictimes.indiatimes.com/tech/funding/atomberg-technologies-secures-rs-70-crore-funding-led-by-a91-partners/articleshow/79618514.cms">The Economic Times Startup Awards 2019</a>. Its fans use up to 65% less power when compared to regular fans. Atomberg makes a range of energy-efficient fans. It has a manufacturing facility in Navi Mumbai with a capacity of 1 lakh fans per month. It has a distribution network of over 6,000 counters across the country; and is also present on major e-commerce portals in India. <div type="Article" hostid="261" msid="79544185" title="PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity" mstype="2" mssubtype="0"></div> Atomberg’s recent fundraising rounds <div type="image" title="Atomberg Tech fundraising" msid="79623141" hostid="261"></div> The company plans to use these funds to expand its portfolio of products as well as its production capacity. It has plans to launch home appliances like air coolers, mixers, and grinders, said the company’s co-founder Manoj Meena in an interview to <a href="https://www.thehindubusinessline.com/companies/atomberg-technologies-to-launch-new-range-of-home-appliances/article29402260.ece">BusinessLine</a>. “With this fresh round of funding, we believe we have the right ammunition required to create the kind of consumer brand we visualized a few years back,” said Manoj Meena, cofounder and chief executive of Atomberg Technologies “We have successfully scaled up to an annual revenue run rate of more than ₹150 crore and we are bullish about continuing this rate of growth for the next few years,” Meena added. “Over the last 12 months, we have grown significantly across all channels. Our offline distribution has grown by leaps and bounds, and we have also consistently been one of the top brands in e-commerce in our category,” he further said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/phonepe-700-million-5-5-billion-valuation-flipkart-separate-entity/articleshow/79544185.cms">PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity</a> <a href="https://www.businessinsider.in/business/startups/news/this-former-uber-india-executive-is-now-building-kyt-a-startup-that-offers-extra-curricular-activities-for-children/articleshow/79505386.cms">This former Uber India executive is now building a startup that offers extra-curricular activities for children</a> <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-80-million-valuation-doubles-to-800-million-for-the-just-two-year-old-startup/articleshow/79502864.cms">Kunal Shah’s CRED raises $80 million — valuation doubles to $800 million for the just two-year old startup</a>

A Mumbai-based startup that sells power-saving fans has raised over $20 million so far

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

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A Mumbai-based startup that sells power-saving fans has raised over $20 million so far

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