Venture capital firm Accel has invested $9 million in Uppercase, nearly doubling the new-age luggage maker’s valuation after the investment to $60 million.
The investment is earmarked for fuelling the brand’s expansion through new retail stores domestically as well as in Europe and the Middle East by next year, cofounder and managing director Sudip Ghose told ET.
ET had reported on May 31 about Accel, an early investor in Flipkart, having discussions to invest in Uppercase, underscoring investor interest in new-age consumer retail brands.
In the luggage space, direct-to-consumer brand Mokobara raised $12 million earlier this year in a funding round led by Peak XV Partners. In March, luggage maker Safari Industries received a Rs 229 crore investment from consumer and healthcare-focused Lighthouse Funds.
“The idea is not to create another brand in India but a global brand and the investment that is coming in now would primarily go in to create the retail part of our Indian business but also to build the back-end supply chain for us to have a global footprint,” Ghose said.
Mumbai-based Uppercase currently sells its travel gear online and through 1,800 multi-brand stores across India. The company plans to open 10 exclusive retail stores in cities such as Mumbai, Bengaluru, Pune, Ahmedabad and Kolkata by next month, and expand to 50 such outlets by March 2025.
About 60% of Uppercase’s sales currently come from offline channels, with the remaining generated online. The company is targeting to more than double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year.
Uppercase’s products are priced in the Rs 3,500-5,000 range, while Peak XV-backed Mokobara’s price point is higher at around Rs 6,000, according to Ghose.
Uppercase, which designs and manufactures all its products domestically, is also set to open its own manufacturing facility in Nashik by December. Currently it gets the products made by contract manufacturers.
“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,” said Barath Shankar Subramanian, partner at Accel.
