Total amount raised
$27 Million
Latest funding date
05/01/2019
Location
Chumbak has successfully raised funding over six rounds, with the latest being a Series D round led by Gaja Capital. The company is backed by a total of five investors, including SeedFund.in and Matrix Partners India.
Keep reading to explore the intricacies of Chumbak's fundraising journey and the investors backing this innovative lifestyle brand.
What Is Chumbak?
Chumbak, founded by Subhra Chadda, is a lifestyle brand based in Bangalore, Karnataka, India. The company operates in the E-Commerce, Lifestyle, and Shopping industries and has an employee count ranging from 101 to 250.
Chumbak offers a diverse range of products, including designer t-shirts, coffee mugs, home decor items, and travel accessories. Known for its vibrant and joyful designs, the brand aims to celebrate a life of joy. The company has been acquired by G.O.A.T Brand Labs and has raised funding through multiple rounds.
How Much Funding Has Chumbak Raised?
- Series D
- Amount Raised: INR 700,000,000 (approximately USD 10,000,000)
- Date: May 2019
- Lead Investors: Gaja Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were used to open more stores and expand Chumbak’s presence in both metro and Tier II cities.
- Series Unknown
- Amount Raised: INR 850,000,000 (approximately USD 12,000,000)
- Date: November 2017
- Lead Investors: Gaja Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were intended to diversify into newer categories such as personal care and to expand the offline footprint by opening 20-25 stores every year.
- Debt Financing
- Amount Raised: INR 80,000,000 (approximately USD 1,200,000)
- Date: May 2017
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were likely used to support operational expenses and short-term financial needs.
- Debt Financing
- Amount Raised: INR 30,000,000 (approximately USD 450,000)
- Date: November 2016
- Lead Investors: Narayan Ramachandran
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were likely used to support operational expenses and short-term financial needs.
- Series A
- Amount Raised: Not publicly disclosed
- Date: May 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were likely used to scale the business and expand product lines.
- Seed
- Amount Raised: USD 2,000,000
- Date: February 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were likely used to launch the brand and establish initial market presence.
Chumbak has raised a total of USD 25,650,000. The current valuation is not publicly disclosed.
Key Investors
- Gaja Capital
- Details: Gaja Capital is a private equity fund founded in 2004. It manages assets of about $500 million across three funds.
- Investment Focus Areas: Private equity investments in various sectors.
- Notable Investments: Massive Restaurants, Euro Kids, RBL Bank.
- BlackSoil
- Details: BlackSoil is an investment firm that participated in Chumbak's debt financing rounds. Specific details about the firm are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Narayan Ramachandran
- Details: Narayan Ramachandran is the former country head of Morgan Stanley and an investor in Chumbak. He has been involved in various investment activities.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Chumbak.
- Matrix Partners
- Details: Matrix Partners is a venture capital firm that has invested in Chumbak. The firm focuses on early-stage investments.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Ola, Practo, Quikr.
- SeedFund
- Details: SeedFund is an early-stage venture capital fund that has invested in Chumbak. It focuses on supporting startups in their initial growth phases.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: RedBus, CarWale, Voonik.
What's Next for Chumbak?
Chumbak's future looks promising with plans to double its store count and expand into Tier II cities. The company aims to diversify into personal care, tapping into a growing market. This expansion presents a significant opportunity for growth, potentially attracting further investments to support these initiatives.
However, rapid expansion comes with challenges. Chumbak must navigate competition from other lifestyle brands and maintain brand consistency. Managing operational complexities in new markets will be crucial. Despite these hurdles, the brand's strategic moves position it well for continued success and potential future fundraising.
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