Matrix India backs Chumbak Design

The size of the round was not disclosed but it also featured existing investors Seedfund, which previously committed $2 million to the company.

Chumbak will use the new capital to expand its footprint, enter new product categories and launch initiatives intended to drive online sales revenue. Founded in 2010 by Vivek Prabhakar and Shubhra Chadda, its products are currently available in 18 exclusive Chumbak stores and various department stores and other outlets in Bangalore, Mumbai, Delhi, Hyderabad, Pune and Chennai.

Chumbak was recently selected by Google as one of three case studies worldwide on how companies are successfully using Google services.

"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," said Rishi Navani, managing director at Matrix India, in a statement.

Matrix India has INR30 billion under management and targets consumer companies at the seed, early and early-growth stages. Past investments include non-banking financial company (NBFC) Muthoot Finance, pre-school services provider Tree House Education and mobile payments provider Mswipe.

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• Topics
• Venture
• Early-stage
• South Asia
• Consumer
• Matrix Partners
• Venture
• India
• Consumer