GOAT Brand Labs, which is backed by investors such as Tiger Global and Flipkart, on Thursday said it has acquired home and lifestyle brand Chumbak. It added that it had also acquired four D2C brands without revealing the names and that this move has enabled it to increase its portfolio to a total of 20 brands.
G.O.A.T Brand Labs said in a statement it plans to grow Chumbak to Rs 500 crore by 2025, leveraging its capabilities in brand-building, digital marketing, online and offline growth, and expansion into international markets. It did not reveal the financials of the deal.
Founded by Rishi Vasudev and Rameswar Misra in May 2021, GOAT Brand Labs is backed by marquee investors Tiger Global, Flipkart, Mayfield, Winter Capital, Nordstar, and Better Capital,
Rishi Vasudev, CEO & Co-founder, G.O.A.T Brand Labs said, “Chumbak, since its founding days, has been an Indian homegrown D2C brand that appeals to a global audience. Our vision is to make Indian D2C brands world famous and we have built multiple capabilities for that. 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.”
The company claimed that it has now emerged as the leading aggregator in the fashion and lifestyle space, and is currently in advanced talks with 8-10 other D2C brands.
Some of the brands in GOAT Brand Labs’ portfolio include The Label Life, TrueBrowns, Pepe InnerFashion, Abhishti, Neemli Naturals, NutriGlow, Voylla, and Pet Crux, among others.
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