Mumbai-based sustainable luggage brand uppercase said Wednesday it raised $9 million (Rs 75 crore) in its Series B round of funding led by global venture capital firm Accel.
The company plans to use the funding for business expansion, primarily to increase its customer base across India, uppercase said in a release. With this, the company has raised a total of Rs 150 crore (around $18 million). Previously, the company raised capital from Sixth Sense Ventures and Enam’s Akash Bansali.
“Accel’s investment reflects trust in our eco-friendly approach and 100% made-in-India business model. This partnership will help us to build our brand and distribution by expanding our exclusive retail channels,” said Sudip Ghose, founder and managing director of uppercase.
“With Accel's extensive international experience, we look forward to increasing our global footprint soon. We will continue to drive growth, innovation and impact the way the world travels, and we will do it from India,” Ghose added.
Uppercase’s product line includes backpacks, trolley bags, duffles, and shoulder bags. It claims it designs and manufactures 100% of its products in India.
The company says it currently selling its travel gear online and through 1,800 multi-brand stores across India. As part of its strategy, uppercase plans to expand its offline presence in metros, solidifying its market position. It aims to add 250 exclusive retail stores to hit Rs 500 crore revenue target over the next three years.
“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.
