SUMMARY
- Uppercase has raised $9 million in a Series B round led by Accel, reaching a post-money valuation of $60 million.
- The funding will help expand Uppercase’s customer base in India, with plans to open 250 exclusive retail stores and achieve ₹500 crore in revenue by 2026.
- The company reported ₹10.65 crore in operating revenue for FY23, targeting over ₹150 crore in revenue by FY25.
D2C luggage brand Uppercase (operating under Acefour Accessories) has successfully secured $9 million in a Series B funding round, with venture capital firm Accel leading the investment. Following this funding, Uppercase has achieved a post-money valuation of $60 million.
In 2022, Uppercase raised $7 million during its pre-Series A funding round, which was led by Sixth Sense Ventures and also saw participation from Volrado Venture Partners. The latest funding will be utilized to support the company’s expansion efforts, with a specific goal of broadening its customer base across India.
Founded by Sudip Ghose, Uppercase specializes in selling travel gear both online and through a network of 1,800 multi-brand stores across the country. The company’s product pricing ranges from ₹3,500 to ₹5,000. Uppercase has set an ambitious target of reaching ₹500 crore in revenue by opening 250 exclusive retail stores over the next three years.
The luggage market is competitive, with Uppercase facing rivals such as Mokobara, Assembly, Nasher Miles, and EUME. Earlier this year, Mokobara raised $12 million in a Series B round led by Peak XV Partners. Meanwhile, Nasher Miles secured $4 million in July, and EUME raised $1.7 million in June.
According to data from the startup intelligence platform TheKredible, Uppercase reported an operating revenue of ₹10.65 crore for FY23, but incurred a loss of ₹21 crore during the same period. The company aims to more than double its revenue to ₹150 crore by FY25, building from a projected ₹70 crore in FY24.
