Bengaluru-based lifestyle brand Chumbak has raised INR 7.39 Cr in a Pre- Series E round from Gaja Capital Fund (GCFII-A).
According to filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, the company has raised the funds by issuing 1,475 Pre-Series E Cumulative Compulsorily Convertible Preference Shares (CCPS) at a face value of INR 100 per share and a premium of INR 53,753 per share.
The total amount raised by the company is INR 7,39,94,022. GCFII-A is based in Mauritius in Africa.
Founded in early 2010 by Vivek Prabhakar and his wife Shubhra Chadda, the company initially focused on creating colourful souvenirs inspired by pop culture and Indian folk art.
Last year the company had raised $10.02 Mn (INR 70 Cr) in a Series D round led by private equity fund Gaja Capital with participation from venture capital funds Matrix Partners and Seedfund.
Recently, Chumbak made its makeover by launching its new logo. The change is part of the shift in the positioning of the brand. The design was developed with the in-house brand team and Delhi-based design.
Chumbak works as an O2O lifestyle brand offering clothing, accessories, footwear, souvenirs, phone and laptop cases, coffee mugs, accessories, and home décor among other products. It sells products in over 100 categories across 47 physical stores in a number of Indian cities, including Delhi/NCR, Mumbai, Hyderabad, Pune, Chennai, Chandigarh, Kochi and Jaipur.
Chumbak has also partnered with ecommerce players such as Myntra, Amazon, Jabong, Koovs and app-only fashion discovery properties like Raposo, Wooplr and Vonik.
With rising social media and ecommerce platforms, more and more users are buying things online, including homegrown brands like Chumbak, TheSouledStore, Bewakoof, Happily Unmarried and more, which have grown from small social media pages to big brands that resonate with the youth of India.