The environmentally conscious and sustainable luggage brand EUME has raised Rs 15 crore ($1.7 million) in a new funding round headed by Ashish Kacholia.
This is the second round of funding the Mumbai-based startup has raised. Mumbai Angels gave EUME an undisclosed sum of money in February of last year.
The money raised will be put toward increasing operations, growing the staff, fostering innovation, creating an offline retail presence, making technological investments, and raising brand awareness.
The startup, which was founded by Naina Parek, offers a wide range of products, including accessories, vegan handbags, luggage, and backpacks.
EUME reported that it achieved a run-rate of Rs 1.8 crore per month last year.By the end of FY25, it hopes to generate revenue of Rs 65–70 crore. Marketplaces and its own website account for an equal portion of its sales. In addition, the startup intends to open its flagship location in Mumbai this year.
Peak XV Partners led a $12 million Series B funding round earlier this year for the luggage brand Mokobara. EUME faces competition from Assembly and Uppercase in addition to Mokobara.
