D2C footwear brand Chupps raises $1.1 million from Venture Catalysts, others
Direct-to-consumer (D2C) sustainable footwear brand Chupps has raised $1.1 million (Rs 8 crore) in pre-Series A round from Venture Catalysts and other lead investors such as Gunavanth Vaid from 4G Capital, and Kaushal Vora from Genesis Packaging.
The company will utilise the funds on expansion coupled with diversification of product portfolio and hiring skilled talent.
Commenting on the investment, Dr Apoorva Ranjan Sharma, president and co-founder of Venture Catalysts, in a statement said: “The huge industry of innovative footwear foresees a vast future with earth-friendly production and supply. The start-up considers responsibility as a big part of its ethos, with products made from natural rubber, which do not use plastic and are 100 percent vegan. In terms of market size, Chupps has great potential to disrupt and raise the industry.”
Yashesh Mukhi, co-founder of Chupps added: “Changing lifestyles and the emerging new customer class is shifting footwear preferences and how it is consumed. Our recent fundraise combined with the varied expertise of our investor group will help the brand offer differentiated yet relevant products for our consumers.”
Chupps was founded in March 2021 by Gaurav Agarwal and Yash Mukhi. The brand’s products are currently sold through its website and online channels such as Myntra and Amazon, along with kiosks in malls, and departmental stores across India.
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