Thu Sep 29 2022
1 min read
Revenue Based Financing platform, Klub, announced that design-focused retail brand, Chumbak has raised Rs 3 crore through Revenue Based Financing through its platform. The company will use the fresh funds to place orders of merchandise and push the discovery of its online platforms.
Founded in 2010 by Shubhra Chadda and Vivek Prabhakar, Chumbak is present in over 50+ stores across 20+ cities, catering largely to creative shoppers looking to explore and indulge in unique, joyful designs in the home category. Recently, the company raised a Pre-Series E round from Gaja Capital Fund (GCFII-A).
Vasant Nangia, CEO, Chumbak said, “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 and in-store, to our customers.”
Today, Chumbak is one of India's leading design houses offering clothing, accessories, and home décor items. The idea behind launching Chumbak was to provide fun souvenirs and collectibles inspired by India, to travelers. The brand has now diversified its range to include personal care products, furniture, and decor items. Chumbak is now a family of 250+ employees and aims to double its turnover by the end of FY22.
Anurakt Jain, Co-Founder, and CEO at Klub stated, “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.”
Klub provides digital businesses with fast and flexible capital without having to dilute equity. Since its inception, Klub has funded 300+ brands in 600+ investment rounds. The company recently closed its Rs 200 crore maiden fund successfully right before the festive season.