Exclusive: Seedfund has invested an undisclosed sum in online-offline commerce venture Chumbak, MediaNama had learned. Mahesh Murthy, Partner at SeedFund, confirmed the investment, but declined to disclose the amount of investment, saying that they’ve taken a signfiicant minority stake, and made significant investment. The investment was made around six months ago, he said.
Chumbak is focused on the souvenir and gift market, with unique designs and merchandise. It retails quirky designer t-shirts, boxer shorts, iphone cases, coin pouches, bags, keychains, charms, laptop sleeves, phone covers,USB keys, notebooks, mousepads, bookmarks, wrapping paper, coffee mugs, coasters, shot glasses, magnets, luggage tags etc. No piggy banks, though. It retails in 16 cities in India, as per its website, and also in Japan, in partnership with Amina’s Cayhane stores.
“It’s a hybrid model,” Murthy said. “They have done well on ground, and they have just picked up online. The online stuff is already larger than their single largest distributor. It’s cool fun stuff. This is not just what tourists in India might buy, but also stuff that we would buy in India. It’s organic and quiet growth. Every week, it’s 5-10% over the previous week,” he said.
In a way, it reminds us of Happily Unmarried, which recently raised investment from Info Edge, although Murthy says that Chumbak has a broader positioning, while Happily Unmarried has an attitudinal positioning, and targets a younger audience.