Venture capital firm Accel led a $9 million Series B round for D2C luggage brand Uppercase (Acefour Accessories).
According to Uppercase, it raised the new round at a $60 million post-money valuation. The company completed a $7 million Pre-Series A funding round in 2022, with Volrado Venture Partners and Sixth Sense Ventures leading the way.
The funding, according to a press release from uppercase, will help the company expand with the goal of growing its customer base throughout India.
Sudip Ghose founded Uppercase, which offers travel gear online and in 1,800 multi-brand stores throughout India. The products are priced between Rs 3,500 and Rs 5,000.
Over the next three years, the Mumbai-based company plans to add 250 exclusive retail stores in order to reach its Rs 500 crore goal.
Peak XV Partners led a $12 million Series B funding round for luggage company Mokobara earlier this year. In addition to Mokobara, Assembly, Nasher Miles, and EUME are competitors of uppercase. EUME raised $1.7 million in June, while Nasher miles raised $4 million in July.
According to the media, Uppercase recorded a loss of Rs 21 crore along with operating revenue of Rs 10.65 crore for FY23. From Rs 70 crore in FY24 to Rs 150 crore by FY25, the company hopes to more than double its revenue.
