Lifestyle Brand Chumbak
Design, which sells designer-led consumer products, has raised Rs 11 crore ($1.7 million) via equity and debt funding between November 2016 and May this year, filings with the Registrar of Companies (RoC) indicate. In May, it had raised Rs 8 crore in debt from Mumbai-based non-banking financial company Blacksoil Capital. The funds will be used to meet its working capital requirements and to expand its footprint. In November last year, it had raised Rs 3 crore in funding. Earlier in 2014 it raised $4.6 million (Rs 30 crore then).
Chumbak also sells its merchandise through 18 exclusive stores across 11 cities in India, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kochi and Jaipur. As per some reports, the company plans to double the number of offline exclusive stores to 30 by the end of 2017. Besides, it also has pop-up stores in prominent malls across the country.
As an online player, Chumbak retails its products on its own platform as well as on e-commerce portals such as Flipkart, Amazon and Myntra. Online contributes 25 to 30 per cent of the brand’s overall business, while offline channel accounts for the rest. This lifestyle brand has products across apparel, home and accessories which they retail over 100 categories across 17 stores pan India. Started in 2009 by husband-wife dup Prabhakar and Shubhra Chadda, from a souvenir store to a lifestyle brand in just five years the brand has seen 300 per cent growth YOY. Gradually, it diversified its offerings across 100 categories, including fashion and travel accessories, bags and wallets and decor. In late 2015, it forayed into the apparel category.