Venture Catalysts, India’s first and largest integrated incubator and accelerator, has recently invested an undisclosed amount in a follow up seed round in CHUPPS, a consumer footwear brand. The funding round also saw participation from several eminent investors such as Gunavanth Vaid (Founder– 4G Capital), Aniket Gore (Director– Ceramet Group), Amit Mehta (Equities Head– Sunidhi Securities) and partners of prominent VC Funds.
Founded by 2019 by Gaurav Agarwal and Yashesh Mukhi, CHUPPS aims to re-invent the world of footwear through its uniquely designed collection which gives a modern twist to old traditions and can be a collectible. The fresh and innovative idea of using yoga mats in their products gives the brand an edge over its competitors. For CHUPPS, comfortable footwear doesn’t have to be boring, which is the reason behind integrating the spirit of ‘chill’ with their collection. The company has seen growth in sales of 23% every month since the past 3 months.
The current work from home trend has accelerated the demand for everything comfortable which plays well to the USP of the brand. The idea to make comfort and relaxation look good helped the brand create light weight and breathable foot wear that leaves you floating throughout the day while the steady grip keeps you grounded at the same time. The ergonomic arch support makes sure the customers experience a perfect fit. To appeal to a wider audience, all the products are available at reasonable prices and are being made of mostly natural materials that are 100% vegan. Their goal is to make all natural products which will appeal to the new age environment-conscious consumers.
Speaking on the investment, Yashesh Mukhi, Co-Founder– CHUPPS, said, “We are very excited and humbled at the same time to welcome investors of such pedigree join the CHUPPS family. We look forward to their mentorship in furthering our vision of making CHUPPS one of India’s foremost footwear brands.”
Gaurav Agarwal, Co-Founder –CHUPPS, added, “The vote of confidence shown by our investor group provides further impetus to our brand. We believe that the rise in casual lifestyles and work from home trend creates a tremendous opportunity to make CHUPPS the brand of choice amongst our target consumers.”
Dr. Apoorva Ranjan Sharma, Co-founder & President – Venture Catalysts, said, “What makes CHUPPS stand out from other footwear brands is its innovative approach to production. Using yoga mats for making footwear is new and spectacular. With the awareness of the climate crisis making the world more environmentally conscious, brands are increasingly taking a step towards a sustainability-led future. CHUPPS, which creates 100% vegan products using predominantly natural materials, is one such innovator. Further, we are confident that the retail background of the founding team will help the brand navigate the unpredictable business landscape. We hope that our investment benefits them at the inception of this journey as we wish them continued success.”
CHUPPS is also set to launch its new customizable collection in February 2021 which will allow customers to design their own footwear using their preferred accessories, prints, and colours. The products are available both online and offline and the company’s first exclusive retail store will open at VR Mall in Chennai in February 2021.