Mumbai-based eco-friendly luggage brand Uppercase raised $9 Mn (INR 75 Cr) in Series B funding led by Accel, bringing its total funding to INR 150 Cr. The company plans to use the funds for brand development and retail expansion
Founded in 2021, Uppercase aims to increase its offline presence from 1,800 to 2,500 multi-brand stores, including 50 standalone outlets in major cities. The company targets INR 250 Cr revenue by 2026 and plans to break even by FY27
Uppercase's funding follows recent investments in other Indian D2C luggage brands, including Nasher Miles, EUME, ICON, and Mokobara, indicating growing investor interest in this sector
Mumbai-based luggage brand Uppercase has raised $9 Mn (INR 75 Cr) in its Series B funding round led by Accel, along with participation from existing investors, including Sixth Sense Ventures and Enam Holdings promoter Akash Bhansali.
With this new round, Uppercase claims to have raised a total funding of INR 150 Cr till date.
The platform plans to use the fresh capital for brand development and retail expansion. It also aims to increase its customer base across India by adding 250 retail stores over the next three years.
Founded in 2021 by Sudip Ghose, Uppercase designs and manufactures eco-friendly travel gear, including hard luggage, backpacks, duffel bags and office satchels. The company’s products are Global Recycling Standards (GRS) certified.
“Their investment reflects trust in our eco-friendly approach and 100% made in India business model. With Accel’s international experience, we look forward to increasing our global footprint soon.,” Ghose said.
Uppercase currently sells its products online and through 1,800 multi-brand stores across India. The company aims to expand its offline presence to 2,500 stores, including 50 standalone retail outlets in major cities like Mumbai, Bengaluru, and Delhi.
Barath Shankar Subramanian, Partner at Accel, said, “Uppercase is carving out a unique space in the market with its deeply rooted Indian identity and unwavering commitment to sustainability. With over two decades of industry expertise, Sudip drives the brand’s cutting edge approach to eco-friendly travel gear.”
Uppercase aims to achieve a revenue of INR 150 Cr in the current financial year and targets INR 250 Cr by 2026. The company plans to break even by the end of FY27.
The startup competes with established players like VIP Industries, Samsonite, and Safari Industries, as well as newer entrants such as Mokobara.
This comes at a time when India’s D2C luggage brands are getting a lot of traction from investors for quite sometime now.
In July 2024, Nasher Miles raised $4 Mn in a bridge round, valuing it at $30 Mn. Prior to that, in June EUME secured INR 15 Cr in a Pre-Series A funding led by Ashish Kacholia.
In May, ICON bagged $1.2 Mn in seed funding from DSG Consumer Partners. Earlier in February, Mokobara raised $12 Mn led by Peak XV Partners.
