Premium luggage maker Eume has successfully raised ₹15 crore in a pre-Series A funding round led by notable investor Ashish Kacholia. The infusion of capital is set to streamline operations, expand the team, drive innovation, build an offline retail presence, invest in technology, and enhance brand awareness.
Founded in 2018, the Mumbai-based brand offers a diverse product portfolio that includes luggage, backpacks, vegan handbags, and accessories. The company aims to capitalize on the increasing travel trend among Indians, with 97 million passengers having traveled through Indian airports in the first three months of 2024. This surge, coupled with a growing aspirational consumer segment and increased disposable income, has spurred a demand for premium products.
Eume is strategically positioned to meet this demand by offering affordable luxury through its innovative and stylish multi-purpose accessories for everyday commuters, jetsetters, and family travelers.
Naina Parekh, Founder of Eume, commented on the funding announcement, “This latest infusion of funding not only strengthens our market position but also demonstrates confidence in India’s growing travel and lifestyle sector. With this support, we will continue innovating and expanding our offerings, setting new benchmarks in the travel luggage and lifestyle sector.”
Ace investor Ashish Kacholia expressed confidence in Eume’s potential, stating, “Our investment in Eume reflects our strong confidence in the company’s value proposition of offering stylish, premium products at value prices for today’s discerning consumers. Eume’s highly functional products have earned them a place on the shelves of major retailers, aligning with our strategy of backing promising challenger brands that demonstrate exceptional potential early in their life cycle. With a unique mother/son founding team, we believe in their ability to drive profitable growth and look forward to supporting their journey towards continued success.”
Eume has recently launched a premium travel luggage collection, featuring India’s first 100% aluminum luggage, alongside various other stylish designs with personalization options. Looking ahead, Eume plans to target major metro areas, as well as Tier-1 and Tier-2 cities. The brand also aims to establish its first flagship store in 2024, marking a significant milestone in its expansion strategy.
This funding round is a significant step for Eume, solidifying its market position and setting the stage for further growth and innovation in the travel luggage and lifestyle sector.
