Funds will be used to expand footprint and enter into new product categories. The round also saw participation from existing investor Seedfund
Matrix Partners India led this round, with participation from existing seed investor Seedfund. However, the financials of the deal haven’t been disclosed.
Chumbak has an ‘India inspired’ design philosophy depicting modern India. Its product range spans across categories including tech accessories, bags and wallets, home and souvenirs.
“We are excited to bring Matrix Partners India on board as key investors. Matrix as a partner has rich experience in building high quality companies in both, offline and online consumer sector. With this round of funding, we will continue to deliver amazing and fun products to our customers, further expand our footprint and also enter into new product categories. In addition to this, we are looking to increase the contribution of online sales to the overall revenue,” said Vivek Prabhakar, Co-founder and CEO, Chumbak.
Matrix Partners India is an investment firm with INR 3,000 crore (US$511 million) under its pool. The firm invests in companies targeting the Indian consumer market at the seed, early and early-growth stages.
“We are excited to partner with Vivek and Shubhra (Vivek’s better half and Co-founder of the company) in their mission to create a design-led, India-inspired brand. They have a unique mix of design sensibilities and strong business acumen. The consumer sector is a high priority area for the firm,” said Rishi Navani, Managing Director, Matrix Partners India.
Chumbak was recently selected by Google as one of three companies worldwide for a case study on how companies successfully used Google services.
“We are thrilled to have Matrix Partners as our partners in our journey to build one of India’s most loved and iconic brands. This investment validates our belief that India is ready for a brand that celebrates India and expresses it in a modern and contemporary manner,” said Bharati Jacob, Managing Partner, Seedfund.