GOAT Brand Labs, the owner of Chumbak and The Label Life, on Monday said it raised $21 million (Rs 175 crore) in fresh funding backed by BlackRock, Mayfield, NB Ventures, and others.
The company said the funding round will get extended and close at about $30 million, given the investor interest and the active discussions.
In June 2022, GOAT Brand Labs raised its last round of $50 million in a mix of equity and debt.
The House of Brands company will use the funds to fuel the growth of its portfolio brands, including Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux, and Nutriglow.
House of Brands is an ecommerce strategy, wherein a company acquires several brands across categories and hosts them under one brand name.
Founded by Rishi Vasudev and Rameswar Misra in May 2021, the Bengaluru-based company is an aggregator of D2C brands and invests in digitally native brands in the lifestyle space (fashion, home, beauty and personal care).
Backed by marquee investors, including Tiger Global, Flipkart Ventures, Mayfield, Rockstone Ventures, Nordstar, and Better Capital, the company is all set to hit a profitable revenue of over Rs 500 crore ARR in the next 9-12 months, said Co-founder Rishi Vasudev.
“We are very excited to have the backing of BlackRock and our existing investors in the current round. We are seeing strong tailwinds in the D2C space. Given the strength of our brands, an omnichannel play is panning out. We will use the capital from this round largely for growth, expanding our business in quick commerce, exports, and offline stores. Our brands are seeing good profitable scale-up, with a couple of them just a few quarters away from the Rs 100 crore ARR mark,” he added.
Edited by Suman Singh
