Business, Investments

Matrix Partners invest in ecommerce gifting startup Chumbak

Bangalore based design led consumer products company has raised undisclosed funds from Matrix Partners India, in participation with existing seed investor Seedfund. The company plans to utilize the investment to expand its offline footprint and enter into new product categories as well as increase contribution of its online revenues.

Earlier, the gifting venture has raised USD 10 million Series A round in seed funding from Seedfund in mid 2013.

Launched in 2010, Chumbak is a venture of husband-and-wife duo Vivek Prabhakar and Shubhra Chadda. products span across categories including tech accessories, bags and wallets, home and souvenirs.

Chumbak products are currently available in 18 exclusive Chumbak stores, various department stores and other outlets in Bangalore, Mumbai, Delhi, Hyderabad, Pune and Chennai. The company also ships its products pan-India through its own website as well as other online sites.

As claimed by the company, its Facebook sticker pack called Chumbak Expressions is the most downloaded sticker pack in the country. Also, as per an Economic Times report, the company sales are currently growing 300-350% annually and it plans to reach INR 400-500 crore in the next three years.

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