According to the company’s announcement, Chumbak is a retail brand that is focused on design and has raised Rs 3 crore through Revenue-Based Financing via Klub’s platform. The additional capital will be used by the business to place product orders, and increase awareness about its web platforms.
Chumbak was founded in 2010 by Shubhra Chadda and Vivek Prbhakar. It has over 50 locations in more then 20 cities. Most of these locations serve creative consumers who are looking for unique, fun designs in the home market. Recently, the business received Pre-Series E funding through Gaja Capital Fund (GCFIII-A).
Chumbak CEO Vasant Nangia stated, “The infusion funds from Klub energizes me to be able to bring new collections of my much-loved items.
Chumbak, a leading Indian design company, is currently selling home and accessory apparel. Chumbak was established with the goal of providing tourists with unique souvenirs and collectibles inspired by India. The company now offers furniture, decor, as well as personal care products. Chumbak expects to triple its turnover by the end of FY22 as a family with more than 250 employees.
Anurakt Jain is the Co-Founder and CEO of Klub. The brand’s legacy is to offer fun and joyous elements in everyday articles that appeal greatly to a whole new generation of young shoppers. We are seeing a rise in Revenue Based Financing being used by both young and late-stage companies.
Klub provides quick and flexible financing for digital businesses without the need to reduce equity. Since its inception, Klub has supported more than 300 brands through more than 600 investment rounds. Klub recently closed its first fund of Rs 200 crore just before the holiday season.