Highlights
Uppercase Secures Rs 20 Crore Funding for D2C Luggage Brand Expansion
Uppercase, a direct-to-consumer (D2C) luggage brand, has successfully raised Rs 20 crore in a recent funding round from its current investors, Accel India and Volrado Venture Partners. The Mumbai-based firm has obtained this investment after a hiatus of nearly 20 months.
As per its regulatory filings with the Registrar of Companies, the board of Uppercase has sanctioned a special resolution to issue 80,514 shares at a price of Rs 2,484 each to accrue the mentioned amount. Accel India and Volrado Venture Partners contributed Rs 10 crore each.
Startup Superb’s assessment indicates that Uppercase’s valuation remains stable at approximately Rs 534 crore (equivalent to $57 million), consistent with the $9 million Series B funding sourced in August 2024. The funds are earmarked for bolstering the company’s growth and expansion, according to the aforementioned filings.
Founded by Sudip Ghose alongside Uday Sodhi and Arnob Mondal, Uppercase (also known as Acefour Accessories) offers a range of backpacks, suitcases, and travel gear, emphasising sustainable materials, durability, and functional design.
Following this recent allotment, Volrado Venture Partners holds the largest external ownership stake at 17.68%, while Accel India maintains a 16.23% stake. Indian cricketer Jasprit Bumrah possesses a 0.42% share, while the co-founders collectively own 29.04% of the company.
In April of the previous year, cricketer Bumrah invested in Uppercase and has since served as the brand ambassador.
Financial Performance and Market Competition
Uppercase has reported a 34% increase in year-on-year operating revenue, reaching Rs 83 crore in FY25, compared to Rs 62 crore in FY24. Nonetheless, its losses saw a notable rise, amounting to Rs 35 crore during the same timeframe.
Uppercase faces competition from various luggage brands, including Escape Plan, which recently secured $25 million, and Mokobara, which raised $12 million in a Series B round led by Peak XV Partners in February 2024. Other competitors include Assembly, Nasher Miles, and EUME.