G.O.A.T Brand Labs picks majority stake in Bengaluru brand Chumbak
G.O.A.T Brand Labs, an aggregator of D2C brands that invests in digitally native brands in the lifestyle space, has acquired a majority stake in Bengaluru-based home and lifestyle brand Chumbak. The firm also acquired four other direct-to-customer (D2C) brands.
G.O.A.T Brand Labs plans to grow Chumbak to a ₹500 crore business by 2025 by leveraging its deep capabilities in brand building, digital marketing, online and offline growth, and expansion into international markets.
Vivek Prabhakar & Shubhra Chadda, co-founders of Chumbak, told The Hindu, “With this acquisition, G.O.A.T Brand Labs holds over 51% equity in Chumbak. They bought the stake from three of our earlier investors, including Gaja Capital Fund. We, the co-founders, will hold the remaining share and continue to run the company without any change.
“We believe G.O.A.T Brand Labs is an ideal partner for the next phase of Chumbak’s growth globally. GOAT’s expertise in building online brands combined with Chumbak’s design and product strength will help accelerate our growth as a powerful and global brand in the home and gifting spaces.”
G.O.A.T Brand Labs was founded by Rishi Vasudev and Rameswar Misra in May 2021. The company is backed by Tiger Global, Flipkart, Mayfield, Winter Capital, Nordstar, and Better Capital.