Parampara Capital has announced its second investment through the Parampara Early Stage Opportunities Fund in Mumbai based technology firm -
Atomberg Technologies, which was earlier incubated in SINE incubator of IIT-B.
Co-founded by IIT-B alumni Manoj Meena and Shibam Das, Atomberg is engaged in design and manufacture of super energy efficient and smart appliances. They have designed and manufactured India's most energy efficient ceiling fan named Gorilla using BLDC technology. Consuming 65% lower electricity as compared to normal ceiling fans, each fan has the potential to lower electricity bills by around INR 1000- 1500/year depending on usage. Having launched the product in October 2015, several thousands have already been sold.
Parampara Early Stage Opportunities Fund, which was launched in August 2015 by Venkat Vallabhaneni, Jatin Desai and Sridhar Rampalli, had earlier invested in S-Cube Futuretech, an engineering automation software provider. The fund seeks to make participative investments in companies across sectors where technology, IP and innovation are primary differentiators.
“We are very excited about this investment as it addresses genuine market needs, meets our investment philosophy and furthers our commitment to the Make-in-India and Digital India initiatives." mentionedJatin Desai, General Partner at Parampara Capital.
“India being a power deficient country wherewe believe that our products with its smart and energy efficient technologies can go a long way in solving this problem.The funding would be used to strengthen the manufacturing capabilitiesas well as to build a robust technical team that can combine the virtues of energy efficiency and IOT to come up with smart but affordable household appliances.” says Manoj Meena, CEO of Atomberg.
