Atomberg Technologies, the innovative consumer appliances manufacturer, has reported a significant 31.5% growth in operational revenue, reaching Rs 848 crore in FY24 compared to Rs 645 crore in the previous fiscal year. The Mumbai-based startup, known for its energy-efficient BLDC fans, continues to demonstrate strong market performance while working towards operational profitability.
The company’s core fan segment remained the primary revenue driver, contributing Rs 841 crore to the total revenue. However, Atomberg’s expansion into new product categories, including mixer grinders and smart locks, generated Rs 7 crore, marking the company’s initial steps toward portfolio diversification.
Despite the revenue growth, Atomberg reported a net loss of Rs 202 crore in FY24, though this represents a 31.7% reduction from the previous year’s losses. The company attributes these losses primarily to non-operational expenses, including ESOP grants, management bonuses, and fundraising activities.
Sibabrata Das, co-founder of Atomberg, expressed optimism about the company’s financial trajectory: “Our operational EBITDA has improved significantly. The difference between operating EBITDA and profit after tax numbers is largely due to non-performance items.” The company’s operational EBITDA improved from a loss of Rs 49 crore to Rs 22 crore in FY24, with the EBITDA margin improving from -8% to -3%.
In terms of market presence, Atomberg has maintained a strong offline-online mix, with 70% of sales coming through traditional channels and 30% through e-commerce platforms. The company has expanded its retail presence to approximately 30,000 multi-brand outlets across India, with plans to increase this footprint by 20% year-on-year.
The startup has made substantial investments in research and development, including a Rs 70 crore R&D facility in Pune. This investment aligns with Atomberg’s strategy to introduce new product categories, including water purifiers and additional kitchen appliances, over the next 12-18 months.
Last year’s Series C funding round of $86 million, led by Temasek and Steadview Capital, has provided Atomberg with the necessary capital for expansion. The funding round, which brought the company’s total raised capital to $130 million, valued Atomberg at $358 million as of June 2023.
The company’s performance reflects the growing demand for energy-efficient appliances in India’s consumer market. With over 8 million units sold to date, Atomberg’s success demonstrates the potential for technology-driven innovation in the Indian consumer durables sector.
Looking ahead, Atomberg aims to achieve operational profitability by the end of the current fiscal year while expanding its product portfolio. The company’s strategic focus on R&D and market expansion positions it well to capitalize on the growing demand for smart, energy-efficient home appliances in India.
