G.O.A.T Manufacturers Labs acquires way of life model Chumbak

G.O.A.T Model Labs has acquired the 14-year-old Chumbak for an undisclosed sum, including the house and way of life model that had come to be recognized for its distinctive designs with sturdy Indian aesthetics to its rising portfolio of shopper manufacturers.

The rollup ecommerce manufacturers platform on Thursday stated it had acquired 4 different direct-to-consumer manufacturers as effectively, taking the scale of its portfolio to twenty. It didn’t disclose the names of the opposite manufacturers.

G.O.A.T Model Labs stated it plans to develop Chumbak, based in 2010, to Rs 500 crore by 2025, leveraging its capabilities in model constructing, digital advertising, on-line and offline development, and enlargement to worldwide markets.

“Chumbak, since its founding days, has been an Indian homegrown (direct-to-consumer) model that appeals to a worldwide viewers,” Rishi Vasudev, Co-founder and CEO of G.O.A.T Model Labs, stated in a press release. “Our imaginative and prescient is to make Indian D2C manufacturers world well-known and we’ve got constructed a number of capabilities for that.”

G.O.A.T Model Labs acquired a number of D2C manufacturers final 12 months, together with celebrity-styled model The Label Life, and trueBrowns, a premium ethnic put on model. Each manufacturers, in accordance with the corporate, have grown by round 10 occasions since their partnership with G.O.A.T. Model Labs. 

Based by Rishi Vasudev and Rameswar Misra in Could 2021, G.O.A.T Model Labs is in superior talks with 8-10 different D2C manufacturers as effectively for acquisition.

G.O.A.T, which raised $50 million in June, is backed by traders together with Tiger International, Flipkart, Mayfield, Winter Capital, Nordstar, and Higher Capital.

“G.O.A.T’s experience in constructing on-line manufacturers mixed with Chumbak’s nice design and product energy will assist speed up our development as a robust and world model within the house and gifting house,” Chumbak co-founders Vivek Prabhakar and Shubhra Chadda stated within the assertion.

The couple based Chumbak in 2009 as a life-style model that has grown to incorporate a variety of house decor objects and trend equipment.

Chumbak has 54 retail shops throughout India and likewise sells on-line from its personal web site and through numerous ecommerce platforms.

In September, Chumbak raised Rs 3 crore via revenue-based financing via Klub.

The Bengaluru-based way of life model additionally secured over $10 million (Rs 70 crore) in a Collection D spherical in 2019, led by personal fairness fund Gaja Capital with participation from Matrix Companions and Seedfund.