Premium luggage maker Eume has raised Rs 15 crore in a funding round led by investor Ashish Kacholia.
The funds will be used to streamline operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness.
“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,” founder Naina Parekh told ET. “Going international is also one of our goals,” she added.
The brand plans to open its first flagship store this year, starting in Mumbai. “There’s brand recall, trust, and loyalty factors which add to the buying capability. And because we are placing ourselves in the premium segment, omnichannel would help a lot,” said Parekh.
Founded in 2018, the Mumbai-based brand offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others.
According to a research note by Crisil in August 2023, India’s luggage industry revenue is projected to increase by approximately 15% year-on-year (YoY) in the current fiscal year. This growth is expected despite a high base effect of 40% in the previous fiscal year. The growth is driven by the increasing adoption of hard luggage manufactured by the organised sector, alongside sustained growth in tourism and corporate travel.
The company targets a revenue of Rs 65-70 crore by the end of FY25, said Parekh. Currently, its sales are split evenly between its own website and marketplaces.
Commenting on the investment, Ashish Kacholia said, “Eume’s highly functional products have earned them a place on the shelves of major retailers, aligning with our strategy of backing promising challenger brands that demonstrate exceptional potential early in their life cycle.”
On February 26, Internet-first direct-to-consumer luggage brand Mokobara raised $12 million in a funding round led by Peak XV Partners (formerly Sequoia Capital India), at a valuation of $80 million post-money.
