Atomberg Tech raises `70 cr

New Delhi: Smart fans maker Atomberg Technologies on Tuesday said it has raised Rs 70 crore in a funding led by its existing investor A91 Partners.

The series B fundraise of Rs 70 crore was led by A91 Partners and also saw participation from Trifecta Capital and Survam Partners, the family office of the Suman Kant Munjal group, the company said in a statement.

Atomberg Technologies said the funds will be used for amplifying distribution networks across all metro and non-metro cities, and also for building brand awareness.

"The funds will also be used for ramping up the production capacity. The company also plans to expand the current product portfolio to include more product categories other than fans," the company added.

Manoj Meena, CEO and Co-Founder of Atomberg Technologies said, "we have successfully scaled up to an annual revenue run rate of Rs 150 crore plus.... with this fresh round of funding, we strongly believe we have the right ammunition required to create the kind of consumer brand we visualised few years back."

A91 Partners founded by former partners at Sequoia Capital India focuses on startups in consumer, technology, financial services and healthcare sectors in India. (PTI)