Indian equipment company Atomberg Technologies announced on Monday that it has raised $86 million in a new round of funding, led by Singapore firm Temasek Capital and asset manager Steadview Capital Management LLC, which specializes in India.
“With this fundraiser, we are focusing on product development and enhancing our product line,” said Manoj Meena, the company’s chief executive, in a statement.
Atomberg did not immediately respond to a Reuters request for comment on its current assessment.
Trifecta Capital, along with previous investors Jungle Ventures Pte Ltd and Inflexor Ventures LLP, are also participating in the Series C round through a combination of primary and secondary offerings, the companies said.
Atomberg, which competes with Havells India Ltd and Crompton Greaves Consumer Electricals Ltd in its main product – ventilators – achieved record revenue of 1 billion rupees ($12.23 million) in March, Arindam Paul, chief business officer, said in a tweet.
($1 = 81.7800 Indian rupees)
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