Whether mounted to ceilings or walls, or simply standing in a corner of a room, fans are an essential and integral part of the typical Indian household. The ubiquitous appliance has been an asset to vast numbers of Indians for decades, yet, apart from varying aesthetics, the common fan hasn’t changed very much and improvements have been minimal. Considering their constant and widespread usage, Mumbai-based company Atomberg saw this common appliance as an opportunity to have a great impact on people’s lives in addressing immediate comfort levels without imparting a heavy burden on the environment. In making a low-cost, energy efficient fan, more people could improve their quality of life with with a smaller financial investment and less environmental damage for longer periods of time.
In 2015, Atomberg Technologies stepped into the industry with the Efficio Ceiling Fan – a mechanically improved appliance that was 65% more efficient. According to co-founder Sibabrata Das, the fans were an “instant hit”. Atomberg, he said, had since been able to produce a range of products that not only reduced electricity bills, but also offered advanced features. Key to the company’s success has been its ability to scale, which required external investment. “Success is a very subjective definition, but for us the key reason to participate in PFAN was to raise capital which we needed to become successful. The one-to-one mentorship and training sessions provided by PFAN were central to Atomberg’s development and ability to pitch the BLDC motor – the innovative technology behind the fans.”
Before PFAN, the company had not been able to secure investment from foreign investors. “We hadn’t been able to fundraise as most of the investors were from Europe,” he said, explaining that the barriers to investment were not necessarily geographical, but procedural. Joining PFAN gave Atomberg the necessary training and guidance to reach these investors.
In addition, he said being a part of a network provided the team with access to support and new connections. Atomberg was one of PFAN’s global finalists in 2018 and since participating in the program has raised more than US$13m. In addition to the success of its range of fans, the company has also expanded to develop other small appliances, making in-roads in the market as part of their strategic plan. Atomberg has today reached an annualized revenue of approximately US$15m and, according to Das, has no intention of slowing down. “We are determined to create a global consumer tech brand from India and are taking steps in that direction.”
|Investment amount (UD$)||10,000,000|
|Technology area||Energy Efficiency and Demand Reduction|
|PFAN Regional Coordinator||Peter du Pont|