With the help of several angel investors, DSG Consumer Partners led ICON, an online-only direct-to-consumer luggage and travel accessory startup, to raise $1.2 million in its seed round.
ICON intends to utilize the proceeds to enhance its current product line, grow its workforce, fortify its distribution network, and augment its innovative portfolio.
Hard luggage, backpacks, and handbags make up ICON’s product line. The company was founded by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta.
In 2022, Mensa Brands purchased the tiro’s prior business, MyFitness.
ICON wants to take advantage of the post-pandemic travel boom, which is propelling a revolution in luggage, by offering cutting-edge products.
The Indian luggage market is estimated to be worth Rs 20,000 crore, with branded players expected to account for about 54% of the market. An industry report states that the country’s tours and travel sector is expected to grow by 12-15% in the fiscal year 2025.
