Chumbak Design, a Bangalore-based lifestyle design studio, has secured around ₹85 crore in its new funding round. The round was led by Mumbai-based mid-market private equity firm Gaja Capital.
Along with Gaja Capital, the company’s existing investors have also participated in this round, which includes Matrix Partners India and Seedfund. Additionally, Narayan Ramachandran, operating partner at Gaja Capital, has also invested in his personal capacity.
Gopal Jain, managing partner at Gaja Capital has confirmed the investment round but declined to reveal any information related to the funding round, citing confidentiality.
While the transaction details were not revealed officially, a report from Economic Times reveals that Gaja Capital has invested about ₹52 crore in Chumbak Design, while Matrix Partners and Seedfund have put in ₹22 crore and about ₹6 crore respectively.
The amount of capital raised in this new funding round will be used by Bengaluru-based company to expand its footprints across the country, as well as its product portfolio.
The company, founded in 2009, by Shubhra Chadda and Vivek Prabhakar, is a design led consumer products ventures. With India inspired product design at its core, Chumbak’s products span across categories including tech accessories, bags and wallets, home and souvenirs.
Chumbak’s signature quirky, vibrant and India-inspired designs are retailed through their own website and other ecommerce platforms, as well as through 17 exclusive stores across India. It currently operates about 17 stores, and is present in the Delhi NCR region, Mumbai, Hyderabad, Pune, Chennai, Kochi, Jaipur and Chandigarh.