Chumbak raises Rs 3 crore from Klub
Lifestyle and fashion brand Chumbak has raised Rs 3 crore ($3,68,622) from a revenue-based financing platform Klub.
The company will utilise the funds to launch new collections and strengthen its online platform ahead of the festive season.
Commenting on the funding, Vasant Nangia, CEO of Chumbak in a statement said, “The infusion of funds from Klub will allow us 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.”
Anurakt Jain, co-founder CEO of Klub added, “We are thrilled to have Chumbak on board. 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.”
Founded in 2010 by Shubhra Chadda and Vivek Prabhakar, Chumbak is one of India’s leading multi-category retailers with a strong online presence and over 50 stores across India.
The brand plans to open around 50 new brick-and-mortar stores across India in the coming two to three years and aims to double its turnover by the end of financial year 2022.
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