E-commerce major Snapdeal's senior vice president Amit Choudhary and chief strategy officer Govind Rajan are among the group of investors that put in $400,000 (about Rs. 2.67 crore) in air purifier maker Atlanta Healthcare in December.
Choudhary and Rajan were poached by Snapdeal last year as the e-tailer looked to build its second rung of leadership. Choudhary joined from FMCG giant Procter & Gamble where he was the regional finance head for its Asia pet care business, while Rajan joined Snapdeal in August from Bharti Airtel, where he was chief marketing officer for B2C business.
The latest round of funding puts Atlanta Healthcare's valuation at $3.9 million (Rs. 26 crore). While Atlanta Healthcare would focus on development of channel and distribution this year, in 2017 the company plans to work on backward integration to build expand manufacturing.
Others investors in the consortium are Anand Mittal, co-founder of People Group - owner of marriage portal Shaadi.com, former EY partner Sunil Chandiramani and Alchemy Capital Management co-founder Ashwin Kedia.
Atlanta Healthcare, founded by PK Jain in 2010, said the investment will be used to scale up operations by streamlining the supply chain and expanding distribution network across the country.
Atlanta Healthcare is also putting together a team to take it to the next level of growth. It has already roped in PK Jain's son Vibhor Jain, an executive director with EY, and is in advanced stage of discussions to bring in other members to the leadership team over next 3-4 months.
"Being a niche company focusing on air quality we are also looking at strategic tie-ups to deepen our technical expertise. 'Internet of Things' will soon change the way we control the quality of air in our homes, workplaces and cities..." said Atlanta Healthcare's Managing Director Jain.
Atlanta Healthcare expects the air purifier market grow to Rs. 3500 crore by 2020 from Rs. 100 crore at present. Its clients include Siemens, BMW, Embassy of Canada, Embassy of Switzerland, Australian Embassy, Siemens, ITC Maurya Sheraton, Apollo Hospitals, Dabur India and Videocon.
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