Chumbak Design Bags Rs 85 Crore Investment From Gaja Capital

Mid-market private equity firm Gaja Capital has led a 85-crore investment round in lifestyle venture Chumbak Design. This is the Mumbai-based investor’s sixth transaction from its new fund.

The latest round has also seen participation from Chumbak’s existing list of risk capital investors, which includes venture capital firms Matrix Partners India and Seedfund. Additionally, Narayan Ramachandran, operating partner at Gaja Capital, has also invested in his personal capacity.

Gopal Jain, managing partner at Gaja Capital said “confirmed the Mumbai-headquartered private equity investor had led the round, but declined to provide further details of the transaction, citing confidentiality. There are very few design-driven, lifestyle brands in India, and that's what makes Chumbak a very unique investment from our perspective.

According to sources briefed on the matter, Gaja Capital has invested about Rs 52 crore in the seven year-old company, while Matrix Partners and Seedfund have put in Rs 22 crore and about Rs 6 crore respectively. Till date, the company is believed to have raised about Rs 124 crore. Proceeds from the latest round of funding will be used by Bengaluru-based Chumbak to expand its footprints across the country, as well as its product portfolio.