Atomberg Technologies, best known for its smart fans, has raised $20 million in a fundraising round led by Jungle Ventures. The funds will be used to build a new manufacturing facility, according to the corporation.
According to an official release, the round, which brings the company’s total capital garnered to $45 million since its creation in 2012, also included participation from Inflexor Ventures, as well as current investors A91 Partners and angel investor Ramakant Sharma.
The company intends to expand its presence in kitchen appliances with the launch of a ‘inverter-technology-led mixer grinder’ scheduled for early 2022, and to more than double its presence to 20,000 counters in the next 18 months, according to the statement, adding that it has grown by 200 percent per year in the last six months.
“Within the last 18 months, we have seen almost a 5x growth in our monthly revenues from the pre-Covid times,” said Manoj Meena, Atomberg’s cofounder and CEO.
Apart from a new manufacturing facility at an undisclosed location, the funds raised will also be deployed for scaling research and development, distribution channels and brand building, it said.
The company currently manufactures from a plant in Navi Mumbai, which has a monthly production of 1.5 lakh fans.
