Chirakakaren Varkey, son of Ouseph, who was a well-known person and an expert in making and trading handmade umbrellas, started the Chirakakaren Umbrella Mart. After Varkey, his son C.V. Devassy took over the business. After Devassy, his sons C.D. Varkey, C.D. Chacko, and C.D. Paulo were partners. In 1986, C.D. Varkey, C.D. Ninan, and C.D. Devassy became partners and started the Chirakakaren Umbrella firm. This approximately 100-year-old tradition continues today. The new building, a project of Chirakakaren, has been inaugurated.

The foundation stone for the Chirakakaren Millennium Building, a part of the Chirakakaren firm, was laid on April 10, 2024, and the building was inaugurated on August 24, 2025.