Funding
uppercase the startup offering travel gear online and through 1800 multi-brand stores in India announced to raise $9 million in Series B funding from Acel.
The startup said it aims to add 250 exclusive retail stores in three years and capture a substantial share of the Rs 10,000 crore backpack market. Its product line includes eco-friendly backpacks, trolley bags, duffles, and shoulder bags.
uppercase on Wednesday announced $9 million funding in its Series B round led by venture capital firm Accel. The latest capital infusion brings its total funding to around $17 million (Rs 150 crore).
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Sudip Ghose, Founder and Managing Director of uppercase said getting Accel on board will help the startup build its brand and distribution by expanding its exclusive retail channels.
“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,” he said.
The company said it designs and manufactures all of its products in India. Its existing investors include Sixth Sense Ventures and asset management company Enam Group’s Akash Bansali.
“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, Accel.
According to data portal Statista, the Indian luggage and bags market stood at $15.04 billion in 2024 and is likely to grow at a compound annual growth rate of 5.21 per cent between 2024 and 2028. Moreover, 87 per cent of the sales will be attributed to non-luxury.
