As Atomberg gears up for a potential ₹2,000 Cr IPO in FY27, the company is in talks to raise ₹40 Cr in a secondary round led by Forj Capital, while early investor A91 Partners plans to dilute its stake.
Atomberg’s Secondary Raise: A Strategic Stake Realignment
Homegrown appliance brand Atomberg is preparing for its public market debut, and as part of this journey, it is set to raise INR 40 Cr (~$4.8 Mn) in a secondary funding round. This round will be led by Forj Capital, with participation from White Whale Partners, popular YouTuber Tanmay Bhat, and other angel investors.
The funding will value Atomberg at approximately INR 5,000 Cr (~$600 Mn).
This secondary round is not about bringing in fresh capital into the business, but instead, it focuses on stake realignment and liquidity for early stakeholders.
A91 Partners To Dilute Stake Below 20%
Early investor A91 Partners will be diluting part of its stake in this round, as the firm looks to reduce its shareholding below the 20% threshold, which otherwise could classify it as a promoter under SEBI regulations.
“A91 doesn’t want to be classified as a promoter… and we wanted to onboard some funds which have a smaller ticket size,” said cofounder Sibabrata Das.
Alongside A91, cofounders Das and Manoj Meena are expected to sell shares worth about INR 12 Cr, and former employees will offload ESOPs, offering them liquidity as Atomberg matures.
Atomberg’s Journey: From B2B Fans to Smart Consumer Appliances
Founded in 2012 by IIT Bombay alumni Manoj Meena and Sibabrata Das, Atomberg began as a B2B company selling energy-efficient BLDC fans. In 2016, it pivoted to the consumer market, growing its product portfolio to include ceiling fans, pedestal fans, mixer grinders, and water purifiers.
Key distribution channels include:
- Atomberg’s own D2C website
- Ecommerce platforms such as Amazon and Flipkart
- Offline retailers across India
Today, the company is positioned as a premium, tech-forward brand in India’s fast-evolving consumer appliances segment.
$220 Mn IPO On The Horizon
The secondary round precedes Atomberg’s planned IPO in FY27. Sources indicate the company will file its DRHP with SEBI by July 2026, targeting a public issue of INR 1,500 Cr to INR 2,000 Cr (~$165-220 Mn).
- The issue will likely be majorly OFS (Offer For Sale)
- 25%–35% of the IPO is expected to be fresh equity issuance
- Fresh funds will be deployed for capex, debt repayment, and new product marketing
Atomberg is currently in talks with investment bankers to finalise the IPO structure.
Financial Snapshot: Growth With Rising Losses
Although FY25 financials are yet to be disclosed, Atomberg posted robust topline growth in FY24:
- Revenue (FY24): INR 848.6 Cr, up 31.5% YoY
- Revenue (FY23): INR 645.1 Cr
- Net Loss (FY24): INR 202.9 Cr, up 47% from INR 138.1 Cr in FY23
Despite the rising losses, Atomberg’s topline growth and expanding product range have kept investors confident about its long-term prospects.
The company has raised a total of $126.5 Mn from investors like Temasek Holdings, Steadview Capital, Inflexor Ventures, Jungle Ventures, Trifecta Capital Advisors, and others.
A Marker of India’s D2C Maturity
Atomberg’s upcoming IPO is part of a broader trend of IPO-bound new-age Indian brands, with startups like Wakefit, Meesho, and boAt also entering public markets.
With over a decade of product innovation, a diversified portfolio, and strong investor backing, Atomberg exemplifies how deep-tech product innovation in India can scale from B2B origins to consumer dominance.
