GOAT Brands Labs acquires lifestyle brand Chumbak

GOAT Brand Labs has acquired 14-year-old Chumbak for an undisclosed sum, adding the home and lifestyle brand, which has become known for its unique designs with a strong Indian aesthetic, to its growing portfolio of consumer brands.

The brand rollup ecommerce platform said Thursday that it has also acquired four more direct-to-consumer brands, bringing the size of its portfolio to 20. It did not disclose the names of the other brands.

GOAT Brand Labs said it plans to grow Chumbak, which was founded in 2010, to Rs 500 crore by 2025, leveraging its capabilities in branding, digital marketing, online and offline growth and expansion into international markets.

“Since its inception, Chumbak has been India’s homegrown (direct-to-consumer) brand that reaches a global audience,” Rishi Vasudev, co-founder and CEO, GOAT Brand Labs, said in a statement. “Our vision is to make Indian D2C brands world-renowned and we have built multiple capabilities for that.”

GOAT Brand Labs acquired several D2C brands last year, including celebrity style brand The Label Life and premium ethnic clothing brand trueBrowns. Both brands have grown approximately 10-fold since their partnership with GOAT Brand Labs, according to the company.

Founded by Rishi Vasudev and Rameswar Misra in May 2021, GOAT Brand Labs has advanced acquisition talks with 8-10 other D2C brands.

GOAT, which raised $50 million in June, is backed by investors including Tiger Global, Flipkart, Mayfield, Winter Capital, Nordstar and Better Capital.

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“GOAT’s expertise in building online brands combined with the great design and strength of Chumbak products will help accelerate our growth as a strong and global home and gift brand,” Chumbak co-founders Vivek Prabhakar and Shubhra Chadda said in a statement.

The couple founded Chumbak in 2009 as a lifestyle brand that has grown to include a wide range of home decor and fashion accessories.

Chumbak has 54 retail stores across India and also sells online from its own website and through various e-commerce platforms.

In September, Chumbak raised Rs 3 million through revenue-based funding through the Club.

The Bengaluru-based lifestyle brand has also secured over $10 million (Rs 70 crore) in a Series D round in 2019, led by private equity fund Gaja Capital with participation from Matrix Partners and Seedfund.