Atomberg Raises Funds From Hero Group, Eyes 3X Growth In FY19-20

Mumbai headquartered Atomberg Technologies, a smart and efficient motor based company in the business of manufacturing energy efficient and smart ceiling fans named Gorilla, today announced that it has raised an undisclosed amount from Suman Kant Munjal family office(Hero Group).

The funding will be used for expanding operations to other cities and new product development. The announcement comes hot on heels with Atomberg having launched Renesa Smart Plus wi-fi enabled fans this month on Amazon which can be controlled through an app, Google Home and Alexa.

Currently operating in Mumbai, Bangalore, 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 its varied range of fans. They already have 10% market share in e-commerce sales of fans, and are also targeting a 3x growth in FY 19-20. Pioneers of BLDC technology in India, Gorilla fans are designed to save upto 65% electricity by consuming 28W power in full speed.

A household in India can easily save upto Rs 1500-2000 per year/fan using these fans, the company claimed.

Analysing the online behavior of consumers, by 2019-20, Atomberg is looking at a 50-50 breakup in terms of sales each from offline and online channels, which will mean significant growth in both offline and online from the current numbers.

“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,” said Manoj Meena, CEO & Co-Founder of Atomberg Technologies.

“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,” said Mr Munjal.

The company has 300 service centres pan India and it offered 3 years warranty on Atomberg fans.

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