Atomberg Technologies eyes Market Expansion, Raises Undisclosed Amount from Suman Kant Munjal family office
Eyeing 10 percent market share in the premium fans segment in the next two-years, Mumbai-based Atomberg Technologies, a motor based company into the business of manufacturing smart and energy efficient ceiling fans named “Gorilla”, has raised an undisclosed amount of funds from Suman Kant Munjal family office (Hero Group). The company that has recently launched Renesa smart plus Wi-Fi enabled fan, which can be operated through app, Google Home and Alexa, will use the fund to develop new products and expand its business to other cities.
Manoj Meena, CEO & Co-Founder of Atomberg Technologies, says, “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”. Currently functional in Mumbai, Bangalore, Delhi, Ahmedabad, Hyderabad, Chennai, Kolkota and Pune, the company targets tripling its current 10 percent market share in e-Commerce sales of fans, in FY 19-20.
Atomberg is a smart and efficient motor based home appliance company co-founded by Manoj Meena and Sibabrata Das, who possess experience in BLDC Technology that led them to incept this ceiling fan manufacturing company in 2015. Its Gorilla fans are designed to save upto 65 percent electricity by consuming 28W power in full speed this would save upto 1500 -2000 INR per year in an household in India. For such innovative products, the company has been recognised by the Prime Minister Narendra Modi and Niti Aayog as ‘Champions of Change’. Atomberg has also won ‘Global CleanTech Innovation Program’ in Energy Efficiency category organised by ‘United Nations Industrial Development Organisation’ (UNIDO).
Munjal, Hero Group State,s “We are extremely appreciative of the niche that Atomberg Technologies has created for itself in the traditional space of consumer durables. We have a strong belief in the founding team’s vision of disrupting the category with smart, tech-enabled products. Looking to partner with them in their next phase of growth”.