ICON, A Luggage and Travel Accessories Startup has raised $1.2 million, led by DSG Consumer Partners

Startup company ICON, which focuses on selling luggage and travel accessories directly to consumers through the Internet, has successfully raised $1.2 million in its first round of funding.

This investment was led by DSG Consumer Partners and also received support from several angel investors. The funds will be allocated towards expanding the company’s current product range, hiring more staff members, strengthening its distribution network, and expanding its collection of innovative products.

ICON was founded by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta and currently offers a range of hard luggage, backpacks, and handbags. The team’s previous business, MyFitness, was acquired by Mensa Brands in 2022.

With its unique and creative products, ICON plans to take advantage of the growing trend of post-pandemic travel, which is causing a surge in demand for luggage.

According to reports, the Indian tourism industry is expected to experience a 12-15% growth in the fiscal year 2025, while the Indian luggage market is estimated to be worth Rs 20,000 crore, with branded companies projected to capture 54% of the market.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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