Atomberg Nears Raising $90 Mn In Round Led By Temasek, Others
The investors have agreed to a post-money valuation of $425 million-$450 million, the people cited above said on the condition of anonymity. Existing investors are also expected to join the fundraising
Mumbai: Global venture capital fund Steadview Capital and Singapore’s state investor Temasek has agreed to lead a $90 million (about ₹700 crore) investment in Atomberg Technologies Ltd, three people aware of the development said.
The investors have agreed to a post-money valuation of $425 million-$450 million, the people cited above said on the condition of anonymity. Existing investors are also expected to join the fundraising. The smart appliances maker counts A91 Partners, Parampara Capital and Jungle Ventures among its backers.
The Mumbai-based startup, founded in 2012 by Indian Institute of Technology-Bombay alumni Manoj Meena and Sibabrata Das, started off making smart, energy-saving fans. It has since diversified into smart mixer grinders and other home appliances, for which it needs fresh capital, the people said.
“The early backers are looking to exit, with the new investors coming in. The secondary portion of the deal is around $35 million-$40 million," one of the two people cited above said.
Atomberg last raised money in December 2021 in a $20 million growth funding round led by Jungle Ventures. In September 2019, it raised a Series A round of funding led by A91 Partners. Earlier in May 2016, it raised $1 million in a pre-Series A round from VC firm Parampara Capital.
Mint first reported the company’s fundraising plans on 1 December. The startup hired investment bank Avendus Capital to scout for investors.
Queries emailed to spokespeople for Atomberg and Steadview remained unanswered till press time. In an e-mailed response Temasek declined to comment.
As per the latest financials of Atomberg available with MCA, the company’s total revenue, including other income, stood at ₹357.8 crore in FY22, up 147% from ₹144.2 crore in FY21. It made a loss of ₹39.3 crore in FY22.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
No Network
Server Issue
Internet Not Available
" + planName + ""; /* current plan info ends */ /* next billing html starts */ if (planData.next_billing_at != "" && planData.next_billing_at != "null" && typeof planData.next_billing_at != "undefined") {billingCycleText = "Next Billing Date : "; nextActivationDate = planData.next_billing_at; } else if (planData.expires_at != "" && planData.expires_at != "null" && typeof planData.expires_at != "undefined") {billingCycleText = "Expiry date : "; nextActivationDate = planData.expires_at; } else {billingCycleText = "Expiry date : "; nextActivationDate = planData.current_term_ends_at; } var nextBillingMonth = new Date(nextActivationDate).toDateString().split(" ")[1]; var nextBillingDay = new Date(nextActivationDate).getUTCDate(); var nextBillingYear = new Date(nextActivationDate).getFullYear(); var nextBillingHtml = nextBillingDay ? "" + billingCycleText + nextBillingDay + " " + nextBillingMonth + " " + nextBillingYear + "
Revisiting Campus Conflict: Rethinking The Role Of Law Enforcement Amidst Student Protests
Recent clashes between protesters and law enforcement at Columbia University and other American campuses have sparked re... Read more
Pro-Palestinian Protests Surge: Unveiling Fault Lines On American Campuses
In recent months, American universities have become the focal points of escalating pro-Palestinian protests, with events... Read more
Hong Kong Introduces Groundbreaking Cryptocurrency ETFs For Retail Investors
Hong Kong has entered a new era in the realm of cryptocurrency investments with the recent introduction of the first spo... Read more
UK's Local Elections 2024: A Decisive Political Landscape Shift
In the spring of 2024, the United Kingdom witnessed a pivotal moment in its democratic process as local elections unfold... Read more
The Fragile Lifeline: America's Aid To Ukraine Amidst Political Struggles
Amidst escalating tensions with Russia, the United States has once again extended a vital lifeline to Ukraine in the for... Read more
Trailblazers Of Change: Generation Z's Role In Shaping The Future
Generation Z, often referred to as Gen Z, is making waves as a generation that is actively shaping the future. Their rep... Read more