SUMMARY
- D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B funding round led by venture capital firm Accel.
- The Mumbai-based company is set to realise the newly acquired capital to widen its customer base across India.
- This investment comes with Uppercase’s post valuation to $60 million, a significant acceleration for the company following its $7 million pre-Series A round in 2022.
D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B funding round led by venture capital firm Accel. This investment comes with Uppercase’s post valuation to $60 million, deriving a significant acceleration for the company following its $7 million pre-Series A round in 2022 led by Sixth Sense Ventures and Volrado Venture Partners.
The Mumbai-based company is set to realise the newly acquired capital to widen its customer base across India. The brand, generates 60% of its sales through offline channels, aims to more than double its revenue to Rs 150 crore by the end of FY24 from Rs 70 crore FY23.
This round placed the Uppercase to compete more effectively in the growing D2C luggage market with brands like Mokobara, Assembly, Nasher Miles, and EUME. Mokobara recently raised $12 million in a Series B round led by Peak XV Partners, while Nasher Miles and EUME secured $4 million and $1.7 million, respectively, earlier this year.
“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,” said Barath Shankar Subramanian, partner at Accel.
“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 in to create the retail part of our Indian business but also to build the back-end supply chain for us to have a global footprint,” Ghose said.
The infusion of additional capital into D2C luggage brands like Uppercase highlights the sector’s growing potential. This patient funding is expected to grow further competition and innovation for consumers while providing structure to current market scenario.
