Direct-to-consumer footwear brand Chupps has elevated $1.5 million (Rs 11 crore) in pre-series A round brought by India’s first-ever eco-friendly tech venture fund Eco-friendly Frontier Capital.
Gunavanth Vaid from 4G Capital, Kaushal Vora from Genesis Packaging, Swanand Kelkar from Breakout Capital Advisors, and Gaurav Mathrawala from Mathsons Re-insurance Brokers also took part in the funding round.
An investment might find Prof Soumitra Dutta, among the founding advisors of Eco-friendly Frontier joining the board of Chupps.
Footwear brand Chupps will utilize the funds to improve transmission, expand into untouched markets, and develop high-quality, fashionable, and sustainable products.
Commenting on the investment, Gaurav Agarwal, co-founding father of Chupps inside a statement stated, that Chupps, using its wide distribution network, both in, offline and online channels, and a big boost in export orders, Chupps is well-positioned to consider an industry leading position. GFC’s core values of sustainability is a perfect fit for all of us. The brand new funding from GFC will open up many additional investment avenues later on because so much money is searching to purchase sustainable ventures for example ours.”
Sandip Bhammer, managing partner of Eco-friendly Frontier Capital added, “Chupps is clearly creating a made-in-India brand having a global potential which its consumers won’t feel better about using today – due to their styling, comfort, or performance – the only one which even generations to come would connect with and appreciate.”
Footwear brand Chupps began in March 2021 by Gaurav Agarwal and Yash Mukhi. The brand’s goods are presently offered through its website and internet-based channels for example Myntra and Amazon, together with kiosks in malls, and stores across India.