The Suman Kant Munjal family office is a part of the Hero Group.
Fan-maker Atomberg Technologies 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 a new product development.
Currently operating in Mumbai, Bangalore, Delhi NCR, Ahmedabad, Hyderabad, Chennai, Kolkata and Pune, the company is eyeing a 10 percent market share in the premium fans segment within the next two years.
The company have said in a statement that they already have a 10 percent market share in e-commerce sales of fans and are also targeting a 3x growth in FY20. Atomberg has recently launched wifi-enabled fans on e-commerce firm Amazon. These fans can be controlled through an app, Google Home and Alexa.
“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. We are looking to partner with them in their next phase of growth,” said Munjal.
The company was founded in April 2012 by two IIT Bombay alumni. The company sells energy-efficiency fans under the “Gorilla” brand. Atomberg said that Indian households can save up to Rs 1,500-2,000 per year for each of their fans.
Analysing the online buying behaviour of consumers, Atomberg is looking at a 50-50 breakup by FY20 end in terms of sales each from offline and online channels. The company has sold more than 300,000 fans in India.
Manoj Meena, the CEO & co-founder of Atomberg Technologies, said, “With this fresh raise, we are looking at building on our research and development capabilities and introducing new innovative products like Renesa Smart IoT (Internet of Things) fans for the Indian consumer. We are also exploring entering categories like air coolers and mixer-grinders with our smart motor."The white goods industry is estimated at Rs 60,000 crore in India. Of this, fans could consist of Rs 10,000 crore.