Atomberg Technologies, a consumer durables company, which primarily makes energy-saving fans, expanded its net sales during the last financial year, while narrowing its operating loss.
The company, backed by the likes of Singapore’s state investor Temasek and global venture capital fund Steadview Capital, recorded a 31% increase in revenue from operations to Rs 848 crore in FY24, driven by growth in its fans business.
The business is largely dependent on fans, the primary product that Atomberg has been manufacturing since its inception in 2012. It earned about Rs 841 core or more than 99% of its operating revenue from the sale of fans.
“For the first two quarters of FY25, we have again delivered high double-digit growth and are on track to deliver another year of good growth while improving profitability at the same time,” Arindam Paul, chief business officer of Atomberg, said in a LinkedIn post.
Its non-fan business, which includes kitchen appliances and smart locks, contributed about Rs 7 crore or less than 1% to Atomberg’s sales in FY24. The company had forayed into manufacturing kitchen appliances with inverter-technology-led mixer grinders and other home appliances more than two years ago.
“Looking at the current excellent growth trajectory of our kitchen appliances and smart locks business, we seem to be on track to deliver exceptional growth in these categories in FY25,” Paul said.
Meanwhile, Atomberg cuts its operating loss or Ebitda loss for the year by more than a half to Rs 22 crore in FY24, compared to Rs 49 crore in FY23. Ebitda stands for earnings before interest, taxes, depreciation, and amortization, The company’s Ebitda margins improved to -3% from -8% previously.
On a net loss basis, however, the company widened its net loss to Rs 202 crore in FY24 from Rs 138 crore in the previous fiscal, owing to ‘fresh ESOP grants, management bonus and fundraising costs’.
Atomberg had raised $86 million as a part of its Series C funding round co-led by Temasek and Steadview Capital last year in May. The company was set up by technocrats and IIT Bombay alumni Manoj Meena and Sibabrata Das in April 2012. It specialises in the production of energy-efficient smart fans.
Previously, the company raised $20 million as part of its growth funding round led by Jungle Ventures in December 2021. Also, in September 2019, the Mumbai-based company raised a Series A funding round led by A91 Partners.