Smart consumer durables company Atomberg raises funding

Chennai, May 2: Mumbai-based Atomberg Technologies, a smart motor company in the business of manufacturing energy efficient and smart ceiling fans, has raised an undisclosed amount of fund from the family office of Hero Group’s Suman Kant Munjal.
Atomberg aims at using the funds for expanding operations and new product development and the fundraising follows Atomberg’s launch of Renesa Smart Plus Wi-Fi-enabled fans, which can be controlled through an app, Google Home and Alexa.
With operations in Mumbai, Bengaluru, Delhi NCR, Ahmedabad, Hyderabad, Chennai, Kolkata and Pune, the company is eyeing 10% market share in the premium fans segment within the next two years.
With a current annual revenue run rate of Rs 75 crore, Atomberg claims an existing 10% market share in the e-commerce channel and is also targeting 3x growth in fiscal year 2019-20.
The company’s products, especially the ‘Gorilla’ variety, are designed to save up to 65% electricity. The company claims that households can save around Rs 1,500-2,000 per year per fan using them.
“In a tropical country like India, where fans are operational for almost 10-11 months in a year in most parts of the country, the opportunity for growth is huge. We are excited to partner with Hero Group for this future growth,” Manoj Meena, co-founder and CEO, Atomberg Technologies, said.
“With this fresh raise, we are looking at building our R&D capabilities and introducing new innovative products like Renesa Smart IoT fans for the Indian consumer. We are also exploring entering categories like air coolers and mixer-grinders with our smart motor.”