Bengaluru-based lifestyle brand Chumbak has raised $13.1 million (nearly Rs 85 crore) in a funding round led by Mumbai-based private equity firm, Gaja Capital. The round also saw participation from existing investors Matrix Partners and Seedfund. The company sells designer T-shirts, tins, coffee mugs, shot glasses, mouse pads, bookmarks, posters, among others. Chumbak will be using fresh funds to expand its geographical footprint and its product portfolio.

With this deal, Gaja Capital is expected to pick up a 28.36 per cent minority stake in return for its investment, while Matrix Partners will increase its stake to 28.62 per cent. A back-of-the-envelope calculation reveals the current funding round would put the company’s valuation roughly at around Rs 183.35 crore. This indicates that its enterprise value has not really gone up significantly since its last funding round, where Chumbak was valued at around Rs 118 crore post-money.

Chumbak started by making souvenirs in 2009 the company has diversified across 100 categories, including fashion and travel accessories, bags and wallets, and decor. In 2015, it forayed into the apparel category. It sells its merchandise at 18 exclusive stores across 11 cities in India, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kochi, and Jaipur. The company planned to double the number of offline stores to 30 by the end of 2017. Besides, it also has pop-up stores in prominent malls across the country.