Atomberg filed its DRHP, revealing A91 Partners and Temasek intend to sell stakes in a public issue targeting ₹450 crore fresh capital. The move signals a liquidity event for key institutional investors, despite the company's latest reported losses widening to ₹148.9 crore in FY24. This dynamic becomes more interesting with founders Manoj Meena and Sibabrata Das not selling any shares.
How We Got Here
Atomberg started in 2012, first selling BLDC fans B2B before entering the consumer market in 2016. A91 Partners first backed the company with a $10 million Series A in 2019, now holding the largest institutional stake at 21.02%.
The Numbers
- A91 Partners holds the highest institutional stake at 21.02%, followed by Temasek (11.8%) and Jungle Ventures (10.03%).
- Co-founders Manoj Kumar Meena (17.73%) and Sibabrata Das (10.02%) collectively own 27.75% and are not participating in the OFS.
- Atomberg's latest reported financials (FY24) show net losses widening to ₹148.9 crore, up 26.8% from ₹117.4 crore in FY23.
- Operating revenue grew 34.8% to ₹1,293.8 crore in FY24, with fans still being the company's largest revenue generator.
- The board also approved a pre-IPO placement of up to ₹90 crore in equity shares, ahead of the public issue.
What Happens Next
🇮🇳 Why This Matters for India
For consumer durable founders and VCs in Mumbai and Pune, Atomberg’s journey from niche B2B to broader D2C and offline distribution offers a blueprint for scaling Indian hardware brands.
The Take
The market narrative will likely focus on Atomberg's widening losses. What's being missed is the founders' full commitment: not selling a single share, a strong signal of conviction in the company's next growth phase, despite early institutional exits.
Source:
Inc42 ↗