BENGALURU (Reuters) – Indian home appliances company Atomberg Technologies on Monday said it has raised $86 million in a fresh funding round, led by Singapore’s Temasek Capital and India-focused asset manager Steadview Capital Management LLC.
“With this round of fundraising, our focus is on enhancing product development and improving our product suite,” Chief Executive Manoj Meena said in a statement.
Atomberg did not immediately respond to Reuters’ request for comment on its current valuation.
Trifecta Capital, along with existing investors Jungle Ventures Pte Ltd and Inflexor Ventures LLP, also participated in the Series C round via a mix of primary and secondary issuances, the company said.
Atomberg, which competes with Havells India Ltd and Crompton Greaves Consumer Electricals Ltd in its mainstay product – fans – reached a record revenue of 1 billion rupees ($12.23 million) in March, Chief Business Officer Arindam Paul said in a tweet.
($1 = 81.7800 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema)