Matrix Partner India Invests Into Consumer Product company Chumbak.
Chumbak, a design-led consumer product company based in Bangalore, has recently manage to gain an undisclosed amount of financial funding from Matrix Partners India. Leading this funding round was Matrix Partner India, with participation from existing investors Seedfund.
Chunbak has an ‘India inspired’ designed philosophy representing modern India. Its product reaches from all sorts of categories that include such products as electronic appeals, bags, wallets, home and souvenirs.
“We are excited to bring Matrix Partners India on board as key investors. Matrix as a partner has rich experience in building high quality companies in both, offline and online consumer sector. 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,” said Vivek Prabhakar, Co-founder and CEO of Chumbak.
Matrix Partner India is an investment firm with a total of 3,000 Crore (US$511 million) in its coffers. The firm invest in companies who’s main targets are the Indian consumer market at the early and early-growth stages.
“We are excited to partner with Vivek and Shubhra (Vivek’s better half and Co-founder of the company) 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, Matrix Partners India.
Chumbak was also recently chosen by Google as one of the three companies globally for a case study on how companies have successfully manage to utilize Google services.
“We are thrilled to have Matrix Partners as our partners in our journey to build one of India’s most loved and iconic brands. This investment validates our belief that India is ready for a brand that celebrates India and expresses it in a modern and contemporary manner,” said Bharati Jacob, Managing Partner, Seedfund.