Footwear brand Chupps raises $1.5 million from Green Frontier Capital, others
Direct-to-consumer footwear brand Chupps has raised $1.5 million (Rs 11 crore) in pre-series A round led by India’s first-ever green tech venture fund Green Frontier Capital.
Gunavanth Vaid from 4G Capital, Kaushal Vora from Genesis Packaging, Swanand Kelkar from Breakout Capital Advisors and Gaurav Mathrawala from Mathsons Re-insurance Brokers also participated in the funding round.
The investment will see Prof Soumitra Dutta, one of the founding advisors of Green Frontier join the board of Chupps.
The brand will utilise the funds to increase penetration, expand into new markets, and develop high-quality, fashionable, and sustainable products.
Commenting on the investment, Gaurav Agarwal, co-founder of Chupps in a statement said, Chupps, with its wide distribution network, in both, online and offline channels, and huge surge in export orders, Chupps is well positioned to take a market leader position. GFC’s core values of sustainability, is an ideal fit for us. The new funding from GFC will open-up many additional investment avenues in future since many funds are looking to invest in sustainable ventures such as ours.”
Sandiip Bhammer, managing partner of Green Frontier Capital added, “Chupps is clearly building a made-in-India brand with a global potential which its consumers will not only feel good about using today – because of their styling, comfort, or performance – but one which even future generations would relate to and appreciate.”
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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