Chumbak raises Rs 3 Cr via Klub to Build Brand During Holidays
Chumbak, a retail brand that focuses on design, has collected Rs 3 crore through Revenue Based Financing using Klub’s platform, according to the announcement by the company. The business will utilise the additional capital to place product orders and promote awareness of its web platforms.
Chumbak, which was established in 2010 by Shubhra Chadda and Vivek Prabhakar, has more than 50 locations in more than 20 cities, mostly serving creative consumers seeking and indulging in distinctive, jovial designs in the home sector. The business most recently received Pre-Series E funding from Gaja Capital Fund (GCFII-A).
Vasant Nangia, CEO, Chumbak said, “The infusion of funds from Klub energizes 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 and in-store, to our customers.”
Chumbak is currently one of India’s top design companies, selling apparel, accessories, and home furnishings. Chumbak was founded with the intention of offering tourists enjoyable mementos and collectibles that were inspired by India. The company has expanded its product line to include furniture, decor, and personal care items. By the conclusion of FY22, Chumbak hopes to treble its turnover as a family of more than 250 workers.
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 by young businesses and late-stage businesses, which is a strong testament for us. We see this as the beginning of a long-term partnership.”
Klub offers quick and flexible finance to digital enterprises without needing to reduce equity. Klub has backed more than 300 brands in more than 600 investment rounds since its began. Right before the holiday season, the company recently closed its Rs 200 crore first fund successfully.
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