Chumbak Design, the Indian lifestyle firm has received INR 70 crores in Series D round of funding. Gaja Capital led the funding round of the lifestyle company, as reported by the Indian daily news, The Economic Times.
In the round of funding, apart from Gaja Capital, Matrix Partners, the US-based investment company has also participated.
The procured funds will be utilized to expand Chumbak Designs business in main 2-tier cities and also, increase the count of its offline stores. Alongside this, the company will be entering in new categories like personal care and beauty.
In 2017, Chumbak Design received an investment of around INR 65 crore from Gaja Capital, Seed Fund and Matrix in Series C round of funding. With the present funding, Gaja Capital has turned into the largest stakeholder in the company with nearly 35per cent shares.
Chumbak Design was initiated in 2010 by the married duo-Vivek Prabhakar and Shubhra Chadda. The lifestyle company deals in an array of products essentially segregated into accessories, home decor and apparel.
Gopal Jain, the Managing Partner of Gaja Capital, has affirmed the fundraising round but has not shared the financial deets, as reported by the Indian daily news, The Economic Times.