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Matrix Partners India invests in Chumbak

Mumbai, India – May 20, 2014: Matrix Partners India today announced that it has invested in Chumbak Design Private Limited (‘Chumbak’), an innovative, design led consumer products company based in Bangalore. Chumbak has a distinctive ‘India inspired’ design philosophy depicting modern India. Its product range spans across categories including tech accessories, bags and wallets, home and souvenirs. The Chumbak brand is fast attaining cult status with significant fan following on social media. Its Facebook sticker pack called Chumbak Expressions is the most downloaded sticker pack in the country. The company was also recently selected by Google as one of three companies worldwide for a case study on how companies successfully used Google services. Matrix Partners India led this round with participation from existing seed investor Seedfund. “We are excited to bring Matrix Partners India on board as key investors. Matrix as a partner has rich experience in building high quality companies in both offline and online consumer sector. With this round of funding, we will continue to deliver amazing and fun products to our customers, further 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, Chumbak “We are excited to partner with Vivek and Shubhra in their mission to create a design led, India inspired brand. They have a unique mix of design sensibilities and strong business acumen. The consumer sector is a high priority area for the firm,” said Rishi Navani, Managing Director, Matrix India About Chumbak: Chumbak is a design led consumer products company founded in 2010. With India inspired product design at its core, Chumbak’s products span across categories including tech accessories, bags and wallets, home and souvenirs. Chumbak products are currently available in 18 exclusive Chumbak stores, various department stores and other outlets in Bangalore, Mumbai, Delhi, Hyderabad, Pune and Chennai. The company also ships its products pan-India through its own website as well as other online sites. Further information is available at www.chumbak.com About Matrix Partners India: Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market- leading companies including Muthoot Finance (gold loan NBFC), Tree House Education (preschools), Cloudnine (maternity and infant care chain), Mswipe (mobile POS), Quikr (online classifieds), Siesta Hospitality (corporate managed residences), Verse/NewsHunt (local language marketplace), and W (women’s ethnic wear). Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in

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