[Funding alert] D2C footwear brand CHUPPS raises $1.1M in pre-Series A round
, a direct-to-consumer sustainable footwear brand, on Wednesday raised $1.1 million 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.
A significant portion of the funding will be used to fuel the expansion plans, along with launching new quality products and hiring skilled talent, stated Gaurav Agarwal, Co-founder of CHUPPS.
Commenting on the investment, Dr Apoorva Ranjan Sharma, President and Co-founder, Venture Catalysts, said,
“Startups with unique innovations are changing the world massively and making it a better and more sustainable place to live in. The huge industry of innovative footwear foresees a vast future with earth-friendly production and supply.
The startup 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.”
A brainchild of Gaurav Agarwal and Yash Mukhi, CHUPPS was founded in March 2021 with “The Sole Of India” collection to transform the footwear industry into an opulent promoter of culture and customisation of footwear. It also provides customers with over 800 options to customise from and within a short period, the brand has become popular among millennials.
CHUPPS has a three-pronged strategy, which is to trailblaze eco-friendly materials, create products in new reimagined avatars, and provide best-in-class comfort and service to consumers.
Expressing his views at the funding event, Gaurav Agarwal said,
“We take immense pride in bringing the coolness quotient to footwear with our unique designs and eco-friendly products without compromising on quality and comfort.”
CHUPPS’s products are currently being sold through its portal www.chupps.com and popular online channels such as Myntra, Amazon, kiosks in premium malls, and departmental stores. The brand has successfully introduced itself in the UAE and eyes to expand its online presence and offline footprint across India and in international markets.
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”.
Speaking on the investment, Rakesh Sony of Times Group said, “The $11 billion footwear industry in India is still in a nascent stage and there is room for several new innovations. The CHUPPS team with their vast experience in the footwear industry are committed to introducing new concepts making CHUPPS one of India’s most fashion-forward and responsible consumer brands”.
“The changing landscape in the footwear industry in India presents a large opportunity in a relatively under-penetrated category. CHUPPS, with its distinctive products, innovative marketing, and a founding team with strong experience is well-placed to be a sizeable player in the coming years,” added Gunavanth Vaid from 4G Capital.