The family office of Hero Group's additional director Suman Kant Munjal has invested an undisclosed amount in Atomberg Technology Pvt. Ltd, which manufactures and sells energy-efficient ceiling fans.
Atomberg will use the funds for expansion and new product development, the company said in a statement.
The company, which was founded in April 2012 by Indian Institute of Technology (IIT)-Bombay graduates Manoj Meena and Shibam Das, sells its products both online and offline.
Atomberg is currently present in Mumbai, Bengaluru, Delhi-NCR (National Capital Region), Ahmedabad, Hyderabad, Chennai, Kolkata and Pune. It has 300 service centres.
"In a tropical country like India, where fans are operational for almost 10-11 months in a year in most parts, the opportunity for growth is huge," said Meena. The company also expects to drive its research and development (R&D) capabilities and introduce new products like Internet of Things (IoT) fans called Renesa Smart, he added.
Atomberg had raised about $1 million (Rs 6.7 crore) in a pre-Series A round from venture capital firm Parampara Capital in May 2016. IDFC Alternatives partnered Parampara Capital in 2017 to bring the investment under IDFC Parampara Fund. Prior to this, Atomberg had raised Rs 1 crore from Aar EM Ventures in July 2015. The firm was incubated at the Society for Innovation and Entrepreneurship of IIT-Bombay.
Munjal is also the executive chairman of Rockman Industries Ltd, a supplier of aluminium die casting as well as machined and painted assemblies to Hero MotoCorp Ltd.
