Lifestyle brand Chumbak Design Private Ltd has raised around $13 million in a fresh round of funding led by mid-market private equity firm Gaja Capital, as per the reports by a financial daily.
The round also saw participation from its existing investors Matrix Partners India and Seedfund who invested a sum of Rs 22 crore and Rs 6 crore respectively, with Gaja Capital investing Rs 52 crore alone. Besides the institutional investors, Narayan Ramachandran, operating partner at Gaja Capital, also invested in his personal capacity, the report added.
This round will take the total funding raised by the company to $24 millions, in both equity and debt.
Founded by husband-wife Vivek Prabhakar and Shubhra Chadda, Chumbak aims at top 5-6 metro cities and will showcase its products through tie-ups with large departmental chains.
“We also plan to enter overseas markets such as Indonesia, Malaysia Singapore and Hong Kong by the second quarter of calendar year 2018,” Prabhakar said. For fiscal 2017, the company is estimated to have posted revenue of Rs 45-Rs 50 crore.
The company currently operates 17 stores present in Delhi NCR region, Mumbai, Pune, Hyderabad, Chennai, Kochi, Jaipur and Chandigarh.
This latest round marks the third investment by Gaja Capital. Its portfolio includes non-banking finance company Kinara Capital and per-kindergarten and K-12 schooling Kangaroo Kids.
“This reflects our belief in meritocracy…It also reflects, in some way, the changing nature of the consumer, and there are more companies being created by women in India,” Jain said.
(This development was first reported by ET)