SUMMARY
The startup plans to use the fresh funds for its working capital, brand and product building
Acefour, through its soon-to-be-launched brand Uppercase, is targeting to establish itself as a fresh, contemporary, sustainable brand
Acefour, founded in 2021 by Sudip Ghose, Uday Sodhi and Arnob Mondal, raised $1.5 Mn in its seed funding round led by Enam Holdings in March this year
Travel accessories startup Acefour Accessories has raised $7 Mn in its pre-Series A funding round led by Sixth Sense Ventures’s current fund, Sixth Sense India Opportunities III. The round also saw participation from Acefour’s existing investor Volrado Venture Partners.
The fundraise comes just before the launch of Acefour’s product range. The startup plans to use the fresh funds for its working capital, brand and product building.
The D2C startup, through its brand Uppercase, is targeting to establish itself as a fresh, contemporary, sustainable brand that would witness a sync of both fashion and function, Acefour said in a statement.
Acefour, founded in 2021 by Sudip Ghose, Uday Sodhi and Arnob Mondal, aims to disrupt India’s $3.5 Bn luggage market with the new-age brand, which, the startup says, is highly fragmented.
Ghose has about 20 years of leadership experience in the travel gear industry. He was former CEO & MD of VIP Industries and former executive director of Samsonite India.
“The Indian luggage industry has been dormant for too long, waiting to be disrupted. With all incumbents combined holding just around 30% share in the organised segment, the market is highly fragmented, presenting a huge opportunity for Acefour,” said Nikhil Vora, founder and CEO of Sixth Sense Ventures.
In March this year, Acefour had raised $1.5 Mn in its seed funding round led by Enam Holdings.
D2C brands are growing rapidly across segments in the country, with brands such as boAt, Mamaearth, SUGAR Cosmetics, The Whole Truth, Vahdam Teas, Blue Tokai becoming household names.
The D2C funding witnessed an unprecedented funding boom in 2021, with brands raising $1.4 Bn across 160+ funding deals.
As per an Inc42 report, the Indian D2C market is expected to reach a size of over $100 Bn by 2025.
