Mumbai-based smart and efficient motor startup Atomberg Technologies has raised an undisclosed amount of funding from Suman Kant Munjal family office (Hero Group). The startup plans to use the freshly raised capital to expand operations to multiple cities and improve innovation and product development.
Atomberg manufactures energy efficient and smart ceiling fans named Gorilla. The startup has launched Renesa Smart Plus, a wi-fi enabled fan which can be controlled through an app, Alexa as well as Google Home. Atomberg currently operates in Mumbai, Delhi, Bengaluru, Noida, Gurugram, Hyderabad, Ahmedabad, Chennai, Pune, and Kolkata.
Commenting on this announcement, Manoj Meena, CEO & Co-Founder of Atomberg Technologies said, “To be able to build a hi-tech and category-leading brand in the consumer durables space in the country, requires a lot of conviction and innovation at the fundamental level. 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. With this fresh raise, we are looking at building on 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”
In the upcoming two years, the startup aims to capture 10% market share in the premium fans segment and launch a variety of fans. Atomberg has already captured 10% market share in the online sales of fan and is targeting a 3 folds growth in this financial years. The fans are designed to save 65% of electricity by consuming 28W in full power. Using Stomberg’s fans, a household can save ₹1,500-2,000 per year.
Founded by IIT Bombay graduates Sibabrata Das and Manoj Meena, the startup has a fully integrated manufacturing facility at Navi Mumbai with a capacity to manufacture 1,00,000 fans every month. Atomberg also has 300 service centers across India. The startup has been recognized by the Prime Minister, Narendra Modi and Niti Aayog as ‘Champions of Change’ in the startup ecosystem.
Atomberg also won the ‘Global CleanTech Innovation Program’ in the Energy Efficiency category organized by the ‘United Nations Industrial Development Organisation’ (UNIDO). With around 300 service centers across India, Atomberg offers a 3 years warranty as compared to the 1-year warranty offered by other players in the industry. With more than three lakh fans installed across the country, the startup has already touched more than a million lives till now in the country.