Matrix Partners India invests in Bangalore based Chumbak
Matrix Partners India today announced that it has invested in Chumbak Design Private Limited (‘Chumbak’), a consumer products company (eCommerce) that has a distinctive ‘India inspired’ design philosophy. Chumbak had previously raised a funding round from Seedfund. Matrix Partners India led this round with participation from Seedfund. “We are excited to partner with Vivek and Shubhra in their mission to create a design led, India inspired brand. They have a unique mix of design sensibilities and strong business acumen. The consumer sector is a high priority area for the firm,” says Rishi Navani, Managing Director, Matrix India. The financials of the deal haven’t been disclosed.
Chumbak is a design led consumer products company founded in 2010 by Vivek Prabhakar. With India inspired product design at its core, Chumbak’s products span across categories including tech accessories, bags and wallets, home and souvenirs. Apart from eCommerce, Chumbak products are currently available in 18 exclusive Chumbak stores, various department stores and other outlets in Bangalore, Mumbai, Delhi, Hyderabad, Pune and Chennai.
Chumbak has been doing well and has a very good brand recall with the youth of the country. Its Facebook sticker pack called Chumbak Expressions is the most downloaded sticker pack in the country and social media has been a huge strength for the company. The company was also recently selected by Google as one of three companies worldwide for a case study on how companies successfully used Google services. It also features as one of the success stories on Facebook.
“With this round of funding, we will continue to deliver amazing and fun products to our customers, further expand our footprint and also enter into new product categories. In addition to this, we are looking to increase the contribution of online sales to the overall revenue,” says Vivek.