Bengaluru-based design-focused retail brand Chumbak has raised Rs 3 crore through Klub, a revenue-based financing platform.
Founded in 2010 by Shubhra Chadda and Vivek Prabhakar, The brand plans to use the raised capital to place merchandise orders and push the discovery of its online platform. Currently, It has over 250 employees and aims to double its turnover by the end of FY22.
Chumbak said it is one of India’s leading design houses offering clothing, accessories and home décor items. The idea behind launching Chumbak was to provide fun souvenirs and collectibles inspired by India to the travellers, it said. The brand has diversified its range to include personal care products, furniture, and decor items.
The brand claims it is present in over 50+ stores across 20+ cities, catering largely to creative shoppers looking to explore and indulge in unique, joyful designs in the home category. It recently raised a pre-Series E round from Gaja Capital Fund (GCFII-A).
“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,” said Vasant Nangia, CEO of Chumbak.
Anurakt Jain, Co-Founder & 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.”
Founded in 2019 by Anurakt Jain and Ishita Verma, Klub, which recently closed its Rs 200 crore maiden fund, provides digital businesses with fast and flexible capital without diluting equity. Since its inception, The platform has funded 300+ brands in 600+ investment rounds.
Source @Indianstartupnews
