Uppercase, a Direct-to-Consumer Luggage Brand, Raises $9 Million in Series B Funding
Mumbai-based D2C luggage brand Uppercase has secured $9 million in a Series B funding round led by venture capital firm Accel. This latest investment brings the company’s post-money valuation to $60 million.
The newly raised funds will be used by the company to fuel its business expansion, with a focus on increasing its customer base across India. Uppercase, founded by Sudip Ghose, currently sells travel gear online and through 1,800 multi-brand stores across the country. Its products are priced between Rs 3,500 and Rs 5,000.
The company aims to achieve a revenue of Rs 500 crores by adding 250 exclusive retail stores over the next three years. To achieve this goal, Uppercase is targeting to more than double its revenue to Rs 150 crores by FY25, up from Rs 70 crores in FY24.
This funding round comes on the back of the company’s success in FY23, which saw it report an operating revenue of Rs 10.65 crores, despite a net loss of Rs 21 crores. Uppercase competes with other players in the luggage market, including Mokobara, Assembly, Nasher Miles, and EUME. While Mokobara raised $12 million in Series B funding earlier this year, Nasher Miles secured $4 million in July, and EUME bagged $1.7 million in June.
The acquisition of the new funds will provide Uppercase with the necessary resources to expand its operations and strengthen its position in the market. As the company continues to grow, it aims to bring high-quality travel gear to more customers across India and achieve its revenue goals.
