Bangalore-based online-offline commerce venture Chumbak has raised an undisclosed amount of investment in a round led by Matrix Partners India, with participation from existing investor Seedfund. Before this, Chumbak had secured an undisclosed investment from SeedFund in August 2013. A The Economic Times report however pegs this investment to be $2 million. The company plans to use the investment raised to launch new product categories and expand its offline footprint. It plans to have 60-65 kiosks and larger retail stores across malls and high streets in the country by March 2015. It currently claims to have around 20 stores in Bangalore, Mumbai, Delhi, Hyderabad, Pune and Chennai. Chumbak founder & CEO Vivek Prabhakar also mentions that they are looking at increasing the contribution of online sales to their overall revenue and is currently building a dedicated team for e-commerce business, as per the ET report. It also mentions that offline sales currently account for over 80% of its overall sales. Launched in March 2010, Chumbak focuses on the souvenir and gift market, with unique designs and merchandise. It retails quirky designer t-shirts, flip flops, bags, wallets, mobile phone cases, tablet & laptop sleeves, notebooks, mousepads, USB keys, coffee mugs, fridge magnets, coasters and others. Besides its own online & offline stores, the company retails products through third-party physical stores across 15 cities in India. It also retails products through e-commerce marketplaces like Flipkart, Amazon, Myntra and Snapdeal among others. The company had also launched a free Facebook sticker pack called Chumbak Expressions in November 2013, which it claims, is the most downloaded sticker pack in the…
