Direct-to-consumer (D2C) brand aggregator Goat Brand Labs has acquired home and lifestyle brand Chumbak for an undisclosed amount. The company has also bought four more brands, which will be disclosed in the coming days, several media reported.
Rishi Vasudev, co-founder and chief executive of Goat Brand, said in an interview that the other acquisitions are in the fashion and beauty business though he declined to elaborate, the report added.
Following the acquisition, Goat will continue to work with Chumbak's founders Shubhra Chadda and Vivek Prabhakar, along with chief executive officer (CEO) Vasant Nangia.
However, the development observed the exit of Chumbak's existing investors Matrix Partners, Gaja Capital, and SeedFund.
The latest buyout has expanded Tiger Global-backed Goat Brand’s portfolio to 20 brands. The company has reportedly acquired a 77 per cent stake in Chumbak and aims to grow it into a Rs 500 crore brand in the next three years.
Founded in 2010 by Vivek Prabhakar and Shubhra Chadda, Chumbak runs retail stores in shopping centers and offers products such as culturally-inspired cups, plates, purses, watches, home decor items, and other accessories.
“This partnership is the perfect recipe to grow the brand exponentially by expanding its global reach, both online and offline, through a tech and data-driven approach,” said Vasudev in a media statement.
In 2022, Goat Brand acquired multiple D2C brands including The Label Life, a celebrity-styled brand, and trueBrowns, a premium ethnic wear brand. Both brands are said to have grown tenfold since their partnership. The addition of the five new brands is aimed at further strengthening the company’s portfolio of fashion and lifestyle brands.
The company raised $50 million in a fundraising round in June last year. Prior to this, it had raised $36 million in July 2021.