2023-05-29 21:53:00
Indian appliance company Atomberg Technologies announced on Monday that it had raised $86 million in a new funding round, led by Singaporean firm Temasek Capital and asset manager Steadview Capital Management LLC, which specializes in India.
“With this fundraising, we are focusing on product development and improving our product line,” Manoj Meena, the company’s chief executive, said in a statement.
Atomberg did not immediately respond to Archyde.com’ 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 through a combination of primary and secondary offerings, the company said.
Atomberg, which competes with Havells India Ltd and Crompton Greaves Consumer Electricals Ltd in its main product – ventilators – hit a record revenue of 1 billion rupees ($12.23 million) in March, Arindam Paul said, chief business officer, in a tweet.
($1 = 81.7800 Indian rupees)
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