‘I am a winner’: How Chunky’s $5m investment platform is disrupting the shoe industry
With Chunky platform sneakers and sandals becoming a mainstream luxury item, the footwear industry is poised to become a $2 trillion market in just 15 years.
While Chunky has been a successful startup, the company has faced criticism from investors who claim that it is too reliant on a few large investors, which could hurt its growth.
Its chief executive, Anshuman Bhattacharya, says Chunky is committed to building the next generation of footwear, a platform that can serve all brands and segments of the market.
The company is still in the early days of its growth, but its investors, including US investment firm Kohlberg Kravis Roberts, have invested in its valuation, according to a person familiar with the matter.
Chunky is also the first online-only shoe brand, which means that the company doesn’t have to invest heavily in marketing to win a larger market.
For example, there was no advertising or social media campaigns during its first year on the market, the person said.
Unlike Nike, which has a global footprint, Chunky does not have a global team and is still finding its feet in India, the source said.
Its product lineup is smaller than that of Nike and Adidas, which have an estimated $20 billion global shoe market.
Bhattachary says Chunks footwear and sandal business is growing at a rapid pace.
The company has sold more than 2 million pairs since its launch in 2016, he said in an interview with The Times.
Chunky started in 2012 as an online platform that allowed brands to share sales data with the shoe company and to track trends, the Times of Indias report said.
It has since become a platform for retail brands to sell products online, but the company is not the only online retailer.
Other startups, including Snapdeal, have also launched online platforms for the online-commerce industry.
The startup, which raised $1 billion in venture capital in April, has expanded its business beyond the retail market.
In the first half of this year, Chunk launched a new platform called Chunky in partnership with the US-based luxury shoe brand Puma.
The partnership allowed the two brands to offer a similar product to each other, but it is not clear whether the two companies will sell footwear together in the future.
The two companies also have a joint venture to sell footwear online.