O2O lifestyle brand startup Chumbak raises USD 13 M
Chumbak
Founders: Vivek Prabhakar, Shubhra Chadda
Founded in: 2009
Financing status: USD 13 million for undisclosed round in 2017
Bangalore-based O2O lifestyle brand startup Chumbak has raised USD 13 million, led by Mumbai-based private equity firm Gaja Capital. Existing investors Matrix Partners, Seedfund, and Narayan Ramachandran, operating partner of Gaja Capital, also participated in the round.
Chumbak was founded in 2009 by husband-wife duo Vivek Prabhakar and Shubhra Chadda. Prabhakar was previously the GM of marketing at software company Sun Microsystems. He also worked as a marketing manager at Motorola before. Chadda was previously a marketing communications manager at Nortel Networks. Prior to that, she was a sales operations manager at cloud-solution provider NetApp.
Chumbak is an online design-led lifestyle brand platform with offline stores. It offers fashion and home products designed by its in-house Chumbak Design Studio. The Chumbak app allows users to buy Chumbak products including clothing, footwear, jewelry, gifts, as well as home products for decorating living spaces. Chumbak claims to cover 100 categories with 17 stores across India.
Prabhakar, co-founder and CEO of Chumbak, said that they also plan to enter overseas markets such as Indonesia, Malaysia, Singapore, and Hong Kong by the second quarter of the 2018 calendar year.
The startup will use the newly raised investment to expand its geographical footprint and enlarge its product portfolio.
(Top photo from Chumbak Twitter)