Home D2C Buzz D2C footwear brand CHUPPS raises US$1.5mn in Pre-Series A round led by...

D2C footwear brand CHUPPS raises US$1.5mn in Pre-Series A round led by Green Frontier Capital

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CHUPPS, a direct-to-consumer sustainable footwear brand, on Wednesday closed an investment from Green Frontier Capital, India’s first-ever Green tech venture fund and appointed Prof. Soumitra Dutta, one of its Founding Advisors, as an Advisor on its own Board. 

This investment will bring its total raise to US$1.5 million in pre-Series A round which also saw participation from other lead investors such as Gunavanth Vaid from 4G Capital, Kaushal Vora from Genesis Packaging, Swanand Kelkar from Breakout Capital Advisors and Gaurav Mathrawala from Mathsons Re-insurance Brokers. 

 Prof. Dutta is the Dean-Elect of Said Business School at Oxford University, UK and former Founding Dean of the SC Johnson College of Business at Cornell University, Ithaca, New York. Additionally, he serves on the boards of listed global corporations, has founded several successful start-ups, co-chaired the World Economic Forum’s Global Future Council on Innovation Ecosystems and created major global technology and innovation policies.

Commenting on Prof. Dutta’s appointment to CHUPPS’ board, Yashesh Mukhi, one of its co-founders said “Prof. Dutta’s extensive experience and understanding of global businesses will provide invaluable insights and learnings to our company. A large portion of the funds will be used to increase penetration, expand into new markets, and develop high-quality, fashionable, and sustainable products.”

Sandiip Bhammer, Managing Partner of Green Frontier Capital, said of his fund’s investment in CHUPPS, “CHUPPS is clearly building a made-in-India brand with a global potential which its consumers will not only feel good about using today – because of their styling, comfort or performance – but one which even future generations would relate to and appreciate.”

Prof. Dutta also spoke of his appointment as a Board Advisor to CHUPPS, “I am both pleased and honoured to be given the opportunity to serve on CHUPPS’s Board of Advisors. Climate change is one of the world’s most pressing issues today. Our purchasing decisions have an impact on the size of our ecological footprint. Sustainable living is a philosophy that seeks to reduce personal and societal environmental impact, and CHUPPS, as a highly responsible and eco-friendly lifestyle brand, is perfectly positioned in that regard, especially as Indian footwear manufacturers are poised for explosive growth in the post-pandemic world.”

Gaurav Agarwal, co-founder of CHUPPS mentioned, “CHUPPS, with its wide distribution network, in both, online and offline channels, and huge surge in export orders, CHUPPS is well positioned to take a market leader position. GFC’s core values of sustainability, is an ideal fit for us. The new funding from GFC will open-up many additional investment avenues in future, since many funds are looking to invest in sustainable ventures such as ours.”