There is a moment every startup investor secretly waits for. The day an early bet pays off so well that selling part of it still leaves the winner’s seat intact. For A91 Partners, that day has arrived with Atomberg.
A91 Partners has invested around Rs 143 crore in consumer appliances startup Atomberg through primary and secondary transactions, and has already sold shares worth around Rs 445 crore, according to the company’s draft red herring prospectus (DRHP) filed ahead of its proposed initial public offering (IPO).
The fund invested around Rs 118 crore as primary capital, while another Rs 25 crore went through secondary transactions. Those secondary purchases helped provide an exit to some early shareholders, including founders and Parampara Early Stage Opportunities Fund.
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A91 remains Atomberg’s largest shareholder
Against its total investment of around Rs 143 crore, A91 has sold shares worth approximately Rs 445 crore. Despite these partial exits, the fund continues to remain Atomberg’s largest shareholder with a 21.02% stake as of the DRHP date.
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A91’s investment in Atomberg dates back to 2019, when it led the company’s Series A round. The investor also participated in the Series B round in 2020.
Secondary sales worth Rs 683 crore since 2019
The latest DRHP disclosures also highlight the broader secondary transactions at Atomberg over the years. Early investors, founders and other shareholders have sold shares worth around Rs 683 crore since 2019.
A91 was the largest seller with sales worth about Rs 445 crore, followed by Parampara, which sold shares worth around Rs 116 crore. Atomberg’s co-founders Manoj Meena and Sibabrata Das also sold part of their holdings.
Founded by Meena and Das, Atomberg started with energy-efficient BLDC fans and has expanded into other home and kitchen appliances. The company reported Rs 1,293.77 crore revenue from operations in FY26, up 34.8% year-on-year, while its net loss stood at Rs 149 crore.
What lies ahead
With the DRHP filed and a strong revenue curve, Atomberg’s IPO is the next big test. For A91, the numbers already tell a story of conviction rewarded – a Rs 143 crore bet that has returned Rs 445 crore in exits while keeping the fund the largest shareholder. The remaining stake now rides on how the market prices India’s fan-to-kitchen appliances story.