Gaja backs Indian lifestyle brand Chumbak Design

Existing investors Matrix Partners India and Seedfund also participated in the round, as did Gaja operating partner Narayan Ramachandran, investing in his personal capacity. The company will use the new capital to grow its product portfolio and to expand its geographical footprint, Chumbak founder Vivek Prabhakar told The Economic Times.

Chumbak currently operates 17 stores in eight cities in India and also plans to enter overseas markets by the middle of 2018. The company was founded in 2009 to make souvenirs and later diversified its portfolio to include more than 100 product lines, such as wallets, fashion accessories, and clothing. It plans to add personal care products such as perfumes, cosmetics and toiletries.

According to AVCJ Research, Seedfund committed $2 million to Chumbak in 2012. Matrix then joined Seedfund in 2014 to invest an undisclosed amount.

Gaja is currently investing its third fund, which launched in 2013 and closed last year at $250 million. The vehicle targets a mix of control and minority deals in companies that leverage domestic consumer growth. Recent investments include a INR9.8 billion commitment alongside KKR to financial services firm Avendus Capital and a INR960 million round for non-banking finance company Kinara Capital.

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• Topics
• South Asia
• Consumer
• Early-stage
• India
• Gaja Capital Partners
• Matrix Partners