Atomberg Technologies raises $10 mn in funding

Mumbai-based Atomberg Technologies on Wednesday said it has raised USD 10 million (over Rs 72 crore) in funding led by A91 Partners.

The series A round also saw participation from Whiteboard Capital Fund and Survam Partners, a statement said.

The smart fans maker has previously raised a total of USD 2.5 million from IDFC Parampara and Survam Partners.

"The fresh funds will be used for amplifying distribution networks across all metro and non-metro cities and doubling down the existing R&D team to strengthen the IP further and develop a competitive and differentiated product pipeline targeted at evolving Indian consumer," the statement said.

The company also plans to expand the current product portfolio to include more products, it added.

"We have successfully scaled up to an annual revenue run rate of Rs 100 crore in the consumer space and are bullish about expansion to all metro and non-metro cities this year," Atomberg Technologies CEO and co-founder Manoj Meena said.

A91 Partners - a new VC fund founded by former partners at Sequoia Capital India - focuses on startups across technology, consumer durables, healthcare and financial services space.