However, its net loss increased by about 46.3% to Rs 202 crore from Rs 138 crore during this period.
Company co-founder Sibabrata Das told ET that losses have increased in the last two financial years due to new employee stock ownership plan (ESOP) grants, management bonuses and fundraising expenses. . Operating earnings before interest, taxes, depreciation and amortization (Ebitda) improved to a loss of Rs 22 crore in 2023-24 from a loss of Rs 49 crore in the previous year.
“Our operating Ebitda has increased significantly. If we look at FY22, there were no significant “other non-cash items” like ESOPs and bonuses. In FY23 and FY24, the difference between operating Ebitda and profit after tax (PAT) figures is largely due to these non-compliance items,” he said.
Das said the company is on track to achieve operational profitability at the end of this fiscal year.
Atomberg, founded by IIT Bombay alumni Das and Manoj Meena, had reported a net loss of Rs 39 crore for 2021-22.
Discover the stories of your interest
For 2023-24, about 66% of its total expenses were attributed to material costs, with personnel and marketing expenses also representing important cost segments. A major infrastructure investment was the establishment of a research and development (R&D) facility in Pune, which cost around Rs 70 crore and which Das said would continue to attract R&D investments. Currently, 70% of Atomberg’s revenue comes from offline channels, and the remaining 30% from online channels, including e-commerce platforms such as Amazon, Flipkart and the company’s direct-to-consumer website.
While the company does not operate its own offline stores, it is present in around 30,000 multi-brand outlets across the country, expanding its reach by almost 20% year on year.
In 2023-24, Atomberg generated Rs 841 crore from its fan business, with the remaining Rs 7 crore contributed from mixer and smart lock segments. It aims to increase the share of the fanless business in the overall revenue, with the mixers and grinders segment expected to contribute 4-5% of the total revenue by the end of this fiscal year.
The company is also preparing to enter new product segments over the next 12 to 18 months, including water purifiers and other kitchen appliances.
Additionally, Das said, Atomberg could consider a transaction-based secondary strategy financing round next year to offer exits to existing investors.
In May 2023, the company completed an $86 million funding round led by Singapore sovereign wealth fund Temasek and Steadview Capital, with participation from Trifecta Capital, Jungle Ventures and Inflexor Ventures, in a mix of primary and secondary issuances. . As part of the deal, it facilitated the exits of early angel investors, with existing investor A91 Partners also partially divesting its stake. According to Tracxn, Atomberg has raised a total of $128 million to date and was valued at $358 million as of June 2023.
Talking about Atomberg fast trade play, Das said the company launched Zomato-owned Blinkit earlier this year and sees fast commerce as a major driver for its fan business going forward, especially during the summer months.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.