Bengaluru-based direct-to-consumer (D2C) footwear startup CHK has successfully raised $2.5 million in a seed funding round led by Accel, with participation from jewelry retailer Bluestone and other individual investors.
Key Highlights:
- Founding Team: Established in October 2024 by Sankar Bora, Deepan Babu, Bharat Mahajan, and Deepak Patil, CHK focuses on designing, manufacturing, and selling innovative footwear.
- Funding Details: Bluestone invested approximately ₹12 crore (around $1.3 million) in November 2024, contributing to the total $2.5 million raised.
- Utilization of Funds: The capital will be used to boost production and enhance research and development efforts in preparation for CHK's public launch scheduled for April 2025.
- Manufacturing and Expansion Plans: CHK operates a manufacturing facility in Tamil Nadu and plans to initiate sales through its D2C website before expanding into offline retail channels. The company currently employs around 25 individuals across Bengaluru and Tamil Nadu, with intentions to increase the workforce to 100 by April.
- Regulatory Compliance: In line with India's mandate requiring all shoe brand factories to obtain certification from the Bureau of Indian Standards (BIS), CHK has applied for BIS certification and anticipates approval by April.
Our Opinion on the News:
CHK's successful seed funding round underscores the growing investor confidence in India's D2C footwear market. The company's comprehensive "concept to creation" approach, which encompasses the entire production process from design to finished product, positions it well to meet the evolving preferences of younger consumers seeking innovative and premium footwear options. By securing BIS certification and focusing on in-house manufacturing, CHK is poised to navigate regulatory landscapes effectively while maintaining quality control. As the brand prepares for its public launch, its strategic initiatives and robust backing suggest a promising trajectory in the competitive footwear industry.