Luggage Brand uppercase Ropes In Jasprit Bumrah As Investor

Mumbai-based luggage brand uppercase has roped in Indian cricketer Jasprit Bumrah as an investor.

While the startup did not disclose the financial terms of the deal, its cofounder and managing director Sudip Ghose told Inc42 that the investment is part of a bridge funding round.

The development was first reported by ET. 

“As a part of this expanded partnership, Bumrah will take an active role in product development. He wants to design a backpack and a gym bag which is exclusively needed for sports,” Ghose said.

The startup plans to launch this new product line in the next 3-5 months. The design process has already started, with Ghose adding that it typically takes 2-5 months to launch the product.

Founded in 2021 by Ghose, Uday Sodhi, Arnob Mondal Kumar, Shivaprasad Eregowda, Nidhi Rajora and Dheeraj Goyal, uppercase designs and manufactures ecofriendly travel gear including hard luggage bags, backpacks, duffel bags, and office satchels. 

The startup’s products are as per the global recycling standards (GRS).

In August last year, the startup raised $9 Mn in its Series B funding round led by Accel, along with investors, including Sixth Sense Ventures and Enam Holdings promoter Akash Bhansali.

The company claims to currently sell through 1,600 points of sale across India and aims to expand to 4,000 points in the coming years. 

According to its financial statements, uppercase reported sales of INR 62.2 Cr in FY24, with a net loss of INR 17.6 Cr, showing significant revenue growth from INR 10.7 Cr in FY23. The startup targets revenue of INR 250 Cr by FY26 and plans to break even by FY27.

uppercase competes with established players like VIP Industries, Samsonite, and Safari Industries, as well as D2C brands such as Mokobara, Nasher Miles, EUME, and ICON.

D2C Brands Gaining Momentum In Luggage Market

Bumrah’s investment in uppercase comes at a time when India’s luggage market is experiencing a significant shift, with D2C brands challenging legacy players.

The growth in the sector is driven by rising tourism, evolving consumer preferences turning luggage into a fashion statement, and shorter replacement cycles of 2-3 years due to changing travel habits. 

As a result, D2C luggage brands are seeing rapid growth. For instance, Mokobara saw its revenue from operations jump 120% to INR 117.44 Cr in FY24 from INR 53.27 Cr in FY23

Consequently, investors are also lining up to back such startups. D2C brand ICON, launched in 2023, secured $1.2 Mn in its seed funding round led by DSG Consumer Partners in May 2024 to target the mass premium segment with innovations like wide-handle designs.

Last year, Nasher Miles’ also raised $4 Mn (around INR 32.8 Cr) in its bridge funding round from PE firms, friends and family offices.

According to a MarkNtel report, the Indian luggage and bags market is projected to grow at a CAGR of 14.4% between 2024-2030, with the overall sector expected to be valued at about  INR 15,000 Cr.