The investment is intended to feed the brandThe company is expanding across new retail stores nationwide as well as in Europe and the Middle East by next year, co-founder and CEO Sudip Ghose told ET.
ET had reported on May 31 about Accel, one of the early investors in Flipkart, having discussions to invest in Uppercase, underscoring investor interest in next-generation 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, the suitcase maker Safari Industries received an investment of Rs 229 crore from Lighthouse Funds, funds focused on consumer and healthcare.
“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 towards building the retail part of our business in India, but also building the back-end supply chain so that we have a global presence,” Ghose said.
Mumbai-based Uppercase currently sells its travel items online and through 1,800 multi-brand stores across India. The company plans to open 10 exclusive retail stores in cities including Mumbai, Bengaluru, Pune, Ahmedabad and Kolkata next month, and expand to 50 such outlets by March 2025.
Discover the stories that interest you
Currently, about 60% of Uppercase’s sales come from offline channels, with the rest generated online. The company aims to 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 between Rs 3,500 and Rs 5,000, while Peak XV-backed Mokobara is priced higher at around Rs 6,000, according to Ghose.
Uppercase, which designs and manufactures all its products in the country, is also planning to open its own manufacturing facility in Nashik in December. Currently, it sources products from contract manufacturers.
“Uppercase is carving out a unique space in the market with its deep-rooted Indian identity and unwavering commitment to sustainability. With over two decades of industry experience, Sudip drives the brand’s forward-thinking approach to eco-friendly travel goods,” said Barath Shankar Subramanian, Partner at Accel.
Disclaimer
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.