Direct-to-consumer (D2C) luggage brand Uppercase has raised $9 million in a funds round led by venture capital firm Accelerate.
It is worth noting that the round almost doubled the startup’s valuation to $60 million. The latest round brings its all-time fundraising to over $17 million.
Focused on expansion
Uppercase plans to use the capital raised to expand its business operations, which include opening new retail stores in India and expanding into international markets such as Europe and the Middle East by next year.
Founder Sudip Ghose said bringing Accel on board will help the startup build its brand and distribution by expanding its exclusive retail channels.
“With Accel’s extensive international experience, we look forward to expanding our global presence soon. We will continue to drive growth, innovation and impact the way the world travels and we will do so from India,” he said.
Offers in capital letters
Established in 2022, Uppercase, which focuses on sustainability and Indian manufacturing, offers eco-friendly backpacks, eco-friendly wheeled bags, eco-friendly handbags, and eco-friendly shoulder bags.
The startup’s products are priced between Rs 3,500 and Rs 5,000. It is noteworthy that it generates about 60% of its sales through offline channels, with the remaining 40% coming from online sales.
Objective: Double revenue growth
Uppercase aims to double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year. The startup also aims to open 50 retail outlets by March 2025.
While Uppercase currently relies on contract manufacturers, the startup plans to set up its own manufacturing facility in Nashik in December.
“Uppercase is carving out a unique space for itself in the market with its deep-rooted Indian identity and unwavering commitment to sustainability. With over two decades of experience in the industry, Sudip drives the brand’s cutting-edge approach to eco-friendly travel goods,” said Barath Shankar Subramanian, Partner at Accel.
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