Footwear brand Chupps raises funds

29th October 2021, Mumbai:

Direct-to-consumer (D2C) sustainable footwear brand Chupps has raised Rs 8 crores in pre-Series A round from Venture Catalysts and other lead investors such as Gunavanth Vaid from 4G Capital, and Kaushal Vora from Genesis Packaging.

The funds will be used on expansion coupled with diversification of product portfolio and hiring talent. The start-up considers responsibility as a big part of its ethos, with products made from natural rubber, which do not use plastic and are 100 percent vegan.

In terms of market size, Chupps has great potential to disrupt and raise the industry. The recent fundraiser combined with the varied expertise of its investor group is expected to help the brand offer differentiated yet relevant products for consumers. Chupps was founded in March 2021 and the brand’s products are currently sold through its own website and online channels along with kiosks in malls and department stores across India.

The huge industry of innovative footwear foresees a vast future with earth-friendly production and supply. Changing lifestyles and the emerging new customer class is shifting footwear preferences and how it is consumed.

The footwear market in India is seeing an upsurge due to the demand for trendy, fancy, and comfortable footwear among the country’s young. India is the second-largest footwear producer after China.

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