Chumbak, a design-based retail brand, has raised Rs. 3 Crore through the platform named Klub, a revenue-based financing platform.
Chumbak, which is a home & lifestyle brand and a globally recognized brand, was founded by Shubhra Chadda and Vivek Prabhakar in the year 2010. The company has decided to use the funding of Rs. 3 crores for the launch of new collections and to Strengthen the platform for the festive season. The brand, chumbak, would mostly utilize funds to place merchandise orders and for increasing the awareness of the brand namely chumbak according to Business World’s BW Disrupt report.
Chumbak has more than 250 employees in their company and they are aiming to double their turnovers this year. Chumbak was started just as a souvenir & accessories brand and the products were inspired by India. Now, Chumbak has become one of the leading design houses offering clothing, accessories, and home decor items.
Vasant Nangia, who is the CEO of Chumbak, said that “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 & in-store, to our customers,”
“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 not only by young businesses but also by late-stage businesses which is a strong testament for us. We see this as the beginning of a long-term partnership.” this was announced by Anurakt Jain, who is the Co-Founder & CEO at Klub.
Klub, the company through which the brand Chumbak has received the funding of Rs. 3 Crore, was founded by Anurakt Jain and Ishita Verma in the year 2019. Klub has provided funding to more than 300 brands in 600 r more investment rounds.
Chumbak has more than fifty stores in 20 or more cities. The brand caters to creative shoppers who are looking forward to exploring the unique and joyful products in home decor and other categories.