Chumbak.com raises funds from Matrix Partners India

Chumbak.com, a Bangalore based design-led consumer products e-commerce store, has raised an undisclosed amount of funding from Matrix Partners India and its existing investor Seedfund.

"With this round of funding, we will continue to deliver amazing and fun products to our customers, expand our footprint and also enter into new product categories. In addition to this, we are looking to increase the contribution of online sales to the overall revenue," said Vivek Prabhakar, founder and CEO of Chumbak.

Chumbak.com is the second fresh deal for Matrix Partners India since January this year, recntly the investment firm had also put additional money in existing portfolio firms such as Quikr and LimeRoad. Matrix Partners India invests in companies targeting the Indian consumer market at the seed, early and early-growth stages and the firm has around Rs 3,000 crore under its portfolio management.

Chumbak.com specialises in India-themed and colorful consumer products especially fridge magnets, the bobble-heads and the Chumbak tins but now the website have over 30 categories of products including keychains, tshirts and boxer shorts, coffee mugs, phone cases, laptop sleeves and more.

Chumbak ships its products currently in India only through its own site as well as other websites such as Flipkart as well as from various brick & mortar departmental stores and shops in cities such as Bangalore, Mumbai, Delhi, Hyderabad, Pune and Chennai. Currently Chumbak do not ship outside India.

Chumbak was founded in 2010 by Vivek Prabhakar, who had earlier worked at companies like Titan, Motorola and Sun Microsystems.

Interestingly Chumbak has seen 25 percent of online revenue coming from Facebook and it uses Facebook as its sole marketing channel. Facebook is used by Chumbak not just to drive awareness of product lines and announce new product launches but also to crowdsource ideas for designing its new products.

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