Chumbak, a lifestyle brand, announced today that it has raised INR 85 crores led by Gaja Capital. Existing investors Matrix Partners India, Seedfund and Mr. Narayan Ramachandran (former country head of Morgan Stanley) also participated in the financing round. Founded in 2012 by Shubhra Chadda and Vivek Prabhakar, Chumbak began its journey with India inspired designs for souvenirs and accessories. Today, Chumbak has transformed itself into a brand catering to products for the home and wardrobe, targeting young urban women.
With its distinct design sensibilities, Chumbak is looking to create a niche in the Fashion and Home market in India. Its apparel and fashion accessories categories, launched just two years ago, already contribute to more than 50% of its business. Chumbak enjoys a cult like following among its core target audience of fashion forward women, with about 30% of the sales coming from repeat buyers that purchase products across its 18 physical stores as well as online stores.
Commenting on the investment, Vivek Prabhakar, CEO and Co-Founder, Chumbak said, “Our vision is to create a global, fashion led, lifestyle brand. We are thrilled to have Gaja Capital on board to add to the expertise that Matrix Partners have brought us in the last few years as we work towards this vision. The focus going forward will be to rapidly expand our offline footprint by opening 20-25 new stores per year, improving our online presence and entering into new product categories such as personal care. We are excited about the journey ahead and energy levels are extremely high across the team.”
Rajat Agarwal, Vice President, Matrix India, added, “Vivek and Shubhra have created a unique consumer brand. As early investors in Chumbak, we have seen them grow this brand across product categories and channels. We are privileged to partner with the Chumbak team and welcome Gaja Capital to the partnership. At Matrix, we have invested in home grown brands such as W and Aurelia and private brands continue to be an area of high interest for us.”