Revenue-based financing platform, Klub announces that design-focused retail brand, Chumbak has raised INR 3 crores through through its platform. The company will use the fresh funds to place orders of merchandise and push discovery of its online platforms.
Founded in 2010 by Shubhra Chadda and Vivek Prabhakar catering largely to creative shoppers looking to explore and indulge in unique, joyful designs in the home category. Recently, the company raised a Pre-Series E round from Gaja Capital Fund (GCFII-A).
Vasant Nangia, CEO, Chumbak said, “The infusion of funds from Klub energises us to be able to introduce new collections of our much-loved products. We’re optimistic about the festive season and are geared up to ensure a fantastic store experience, both online & in-store, to our customers.”
Anurakt Jain, Co-Founder and CEO at Klub stated, “We are thrilled to have Chumbak on board. The brand has a legacy of offering fun and joyful elements in everyday articles which appeal immensely to a whole generation of young shoppers. We are now seeing an uptick in how Revenue Based Financing is being adapted not only by young businesses but also by late-stage businesses which is a strong testament for us. We see this as the beginning of a long-term partnership.”