Consumer spending booms amid festivities, UPI transactions up by 40% in Oct: Report
According to the report by RedSeer, transactions recorded by Unified Payments Interface (UPI) surged about 40 per cent in October from a year earlier.
Atomberg Technologies, which makes smart fans, on Thursday said it has raised an undisclosed amount in series-B funding from KA Enterprises, the investment arm of the Padukone Family Office. The Mumbai-based company has previously raised a total of Rs 160 crore from A91 partners, IDFC Parampara and Survam Partners, the family office of Suman Kant Munjal Group, according to a statement. “We have seen tremendous growth in revenue across all the channels in the last 18 months. This investment from the Padukone Office is another validation of the impact that we have created so far and also the vision that we have for disrupting the consumer durable space in India,” Manoj Meena, CEO and co-founder of Atomberg Technologies, said. KA Enterprises has previously invested in start-ups like Epigamia, Blu Smart and Bellatrix Aerospace. “Atomberg’s vision in trying to create smart and energy-efficient consumer appliances for the ever-evolving new-age Indian consumer is something I relate to. “The team, over the last five years, has demonstrated that they have all the key elements to create a truly valuable and differentiated consumer brand,” Deepika Padukone said. Founded by Manoj Meena and Sibabrata Das in 2012, Atomberg has established its distribution network across 120 cities and has over 400 service centres across India. It has more than a million fans installed across the country and has reached a revenue run rate of Rs 300 crore. It has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 1.5 lakh fans per month.
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