Luggage Brand Uppercase Secures $9 Million From Accel, Others

Mumbai-based luggage brand Uppercase has raised $9 million (INR 75 Cr) in its Series B funding round, which was led by Accel and included 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.

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 certified by Global Recycling Standards (GRS).

“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 like Mokobara.

This is because India’s D2C  luggage brands have been gaining traction from investors for some time now.

In July 2024, Nasher Miles raised $4 Mn in a bridge round, valuing it at $30 Mn. Before that, in June, EUME secured INR 15 Cr in a Pre-Series A funding led by Ashish Kacholia.

ICON bagged $1.2 Mn in seed funding from DSG Consumer Partners in May. Earlier in February, Mokobara raised $12 Mn led by Peak XV Partners.