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.
- Delhi High Court puts a stop to fraudulent Burger King websites September 21, 2023
- WhatsApp bets on e-commerce in India with new business features September 21, 2023
- Event Announcement: International trends in Network usage fees, 4th October #Ad September 21, 2023
- Delhi HC Passes Order Disallowing Non-Permitted Use Of Anil Kapoor’s Name, Voice, Dialogue Through AI September 21, 2023
- IT Ministry appoints special officer on duty to set up the Data Protection Board of India September 21, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...