G.O.A.T Brands Labs acquires lifestyle brand Chumbak
has acquired the 14-year-old Chumbak for an undisclosed sum, adding the home and lifestyle brand that had come to be known for its unique designs with strong Indian aesthetics to its growing portfolio of consumer brands.
The rollup ecommerce brands platform on Thursday said it had acquired four other direct-to-consumer brands as well, taking the size of its portfolio to 20. It did not disclose the names of the other brands.
G.O.A.T Brand Labs said it plans to grow Chumbak, founded in 2010, to Rs 500 crore by 2025, leveraging its capabilities in brand building, digital marketing, online and offline growth, and expansion to international markets.
“Chumbak, since its founding days, has been an Indian homegrown (direct-to-consumer) brand that appeals to a global audience," Rishi Vasudev, Co-founder and CEO of G.O.A.T Brand Labs, said in a statement. "Our vision is to make Indian D2C brands world famous and we have built multiple capabilities for that."
G.O.A.T Brand Labs acquired multiple D2C brands last year, including celebrity-styled brand The Label Life, and trueBrowns, a premium ethnic wear brand. Both brands, according to the company, have grown by around 10 times since their partnership with G.O.A.T. Brand Labs.
Founded by Rishi Vasudev and Rameswar Misra in May 2021, G.O.A.T Brand Labs is in advanced talks with 8-10 other D2C brands as well for acquisition.
G.O.A.T, which raised $50 million in June, is backed by investors including Tiger Global, Flipkart, Mayfield, Winter Capital, Nordstar, and Better Capital.
“G.O.A.T's expertise in building online brands combined with Chumbak's great design and product strength will help accelerate our growth as a powerful and global brand in the home and gifting space,” Chumbak co-founders Vivek Prabhakar and Shubhra Chadda said in the statement.
The couple foundedin 2009 as a lifestyle brand that has grown to include a wide range of home decor items and fashion accessories.
Chumbak has 54 retail stores across India and also sells online from its own website and via various ecommerce platforms.
In September, Chumbak raised Rs 3 crore through revenue-based financing through Klub.
The Bengaluru-based lifestyle brand also secured over $10 million (Rs 70 crore) in a Series D round in 2019, led by private equity fund Gaja Capital with participation from Matrix Partners and Seedfund.
Edited by Akanksha Sarma