EUME raised INR 15 Cr in a funding round led by by ace investor Ashish Kacholia
Founded in 2018, Mumbai-based EUME offers a diverse product range, including luggage, backpacks, vegan handbags, and accessories
The startup will deploy the fresh funds to streamline operations, expand its team, build an offline retail presence, invest in technology and enhance brand awareness
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D2C luggage maker EUME has raised INR 15 Cr ($1.7 Mn) in a Pre-Series A funding round led by ace investor Ashish Kacholia, who contributed 80% of the total amount. Kennis Ventures served as the strategic advisor for the funding round.
EUME will use the funds to streamline operations, expand its team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness through targeted marketing campaigns.
Founded in 2018 by Naina and Pranay Parekh, the Mumbai-based startup offers a diverse product range, including luggage, backpacks, vegan handbags, and accessories.
In a statement, Naina, the cofounder of EUME, said, “This latest infusion of funding not only strengthens our market position but also demonstrates confidence in India’s growing travel and lifestyle sector.”
“Today’s Tier-II and Tier-III cities are also very well exposed to premium brands. So, to tap into these kinds of aspirational people is a very big expansion goal. Going international is also one of our goals,” she added.
The brand plans to open its first flagship store this year in Mumbai.
The startup competes with the likes of Mokobara, Nasher Miles, ICON, and Nasher Miles in the luggage space.
The D2C brand is reportedly targeting a revenue of INR 65-70 Cr by the end of FY25.
According to a market study, the Indian luggage market is currently estimated to be worth $15.05 Bn and is expected to grow at a CAGR of 5.21% till 2028. As a result, startups in the sector are seeing a lot of investor interest.
Last month D2C luggage and travel accessories startup ICON raised $1.2 Mn (approx INR 10 Cr) in a seed funding round led by DSG Consumer Partners.
In March, Safari Industries (India) raised INR 229 Cr (around $27 Mn) from growth-stage venture capital firm Lighthouse’s fourth alternative investment fund (AIF).
In the same month, Mokobara secured funding worth $12 Mn led by Peak XV Partners, which took the startup’s valuation to $80 Mn.
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