Luggage brand uppercase raises $9 million in series B round led by VC firm Accel
Uppercase, a Mumbai-based sustainable travel gear brand, has raised $9 million in Series B funding led by Accel. With a focus on eco-friendly backpacks and luggage made entirely in India, Uppercase plans to expand its retail presence and capture a significant share of the Indian backpack market
Mumbai-based luggage brand uppercase has raised $9 million in its Series B round of funding led by Accel, a global venture capital firm, the company said in a press release today, August 21. With this, the startup has raised a total of Rs 150 crore ($17.9 million) since its inception three years back.
Existing investors like Sixth Sense Ventures and Enam’s Akash Bansali also took part in the latest round.
uppercase sells travel gear online and through 1,800 multi-brand stores across India. The company aims to achieve Rs 500 crore goal by adding 250 exclusive retail stores in the next three years.
“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. We are excited to support uppercase as they deliver a seamless omnichannel experience, capitalizing on emerging market opportunities to set new standards for growth and responsible business practices," said Barath Shankar Subramanian, partner at Accel.
uppercase plans to use the fresh funding to capture a substantial share of the Rs 10,000 crore opportunity in the backpack market and increase its customer base across India by strategically expanding its offline presence in leading metros throughout FY24-25. Its product line includes eco-friendly backpacks, trolley bags, duffles, and shoulder bags which are manufactured in India according to the company.
Commenting on the fundraising, Sudip Ghose, founder and managing director of uppercase said, "Accel's investment reflects trust in our eco-friendly approach and 100% made in India business model. This partnership will help us to build our brand and distribution by expanding our exclusive retail channels. With Accel's extensive international experience, we look forward to increasing our global footprint soon. We will continue to drive growth, innovation and impact the way the world travels and we will do it from India."
Accel, is a global venture capital firm whose investments include companies like BookMyShow, BrowserStack, Flipkart, Freshworks, Cure.fit, Musigma, Mensa Brands, Myntra, Swiggy, Urban Company.
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