SUMMARY
With this acquisition, GOAT aims to grow Chumbak's revenue to INR 500 Cr by 2025
The development comes eight months after GOAT infused an undisclosed amount in skincare and cosmetics brand Nutriglow
GOAT claims to be in discussions with about 8-10 D2C brands presently
Direct-to-consumer (D2C) rollup ecommerce startup GOAT Brand Labs on Thursday said it has acquired Chumbak and four other D2C brands. However, it did not disclose the names of the other four brands.
After the acquisition, GOAT aims to grow Chumbak’s revenue to INR 500 Cr by 2025. It will further make use of Chumbak’s capabilities in brand building, digital marketing, online and offline growth, and expansion into international markets.
The development comes eight months after GOAT infused an undisclosed amount in skincare and cosmetics brand Nutriglow.
Founded in May 2021 by Rishi Vasudev and Rameswar Misra, GOAT collaborates with brands and empowers them with resources to scale them.
GOAT, which is an aggregator in the fashion and lifestyle space, said that it empowers brands with operational capabilities and supports them by providing data-driven insights, supply chain expertise, financial planning, and deep expertise in brand building, digital marketing and product development.
“Chumbak has been an Indian homegrown D2C brand that appeals to a global audience. Our vision is to make Indian D2C brands famous and we have built multiple capabilities for that. This partnership is the perfect recipe to grow the brand exponentially by expanding its global reach, both online and offline,” Rishi Vasudev said.
The D2C aggregator claims to be in discussions with about 8-10 D2C brands presently. It further asserted to be operating a portfolio of 20 startups including The Label Life, trueBrowns, Pepe InnerFashion, Abhishti, Neemli Naturals and Voylla, among others.
GOAT also shared that its portfolio companies ‘The Label Life’ and ‘trueBrowns’ have grown by nearly 10X since their acquisitions.
In June last year, GOAT secured $50 Mn in equity and debt funding from Winter Capital, 9Unicorns, Venture Catalysts, Vivriti Capital, Oxyzo, Tiger Global, Flipkart, Mayfield, Nordstar, and Better Capital.
Founded in 2010 by husband-wife duo Vivek Prabhakar and Shubhra Chadda, Chumbak is a home and lifestyle brand. It sells rugs, bed linen, furniture, bags and accessories, kitchenware and home decor items, among others.
“We believe G.O.A.T Brand Labs is the ideal partner for the next phase of Chumbak’s growth globally. GOAT’s expertise in building online brands combined with Chumbak’s great design & product strength will help accelerate our growth as a powerful and global brand in the Home and Gifting space,” said, Vivek Prabhakar and Shubhra Chadda.
Chumbak claims to have witnessed strong sales in online and offline retail channels.
In 2020, it secured INR 7.39 Cr in a Pre-Series E funding round from Mauritius-based Gaja Capital Fund.
In India, it faces competition from the likes of Bewakoof and The Peppy Store, among others.
According to an Inc42 report, the country’s D2C market is anticipated to grow at a CAGR of 24% to become a $300 Bn space by 2030.
