STARTUP-STORIES

Eume Secures Rs 15 Crore Funding to Fuel Growth and Innovation in Premium Luggage Market

SUMMARY

1. Eume, a Mumbai-based premium luggage and accessories brand, has secured Rs 15 crore in funding led by investor Ashish Kacholia to fuel its expansion plans, including enhancing operations, innovating products, and establishing a retail presence.

2. The funding aims to capitalize on the growing demand in tier II and tier III cities, alongside international expansion ambitions, while leveraging a strong market outlook predicting 15% year-on-year growth in India's luggage industry revenue.

Eume, the premium luggage and accessories brand, has successfully raised Rs 15 crore in its latest funding round led by prominent investor Ashish Kacholia. The funds will be instrumental in optimizing operations, expanding the team, driving innovation, establishing an offline retail footprint, investing in advanced technology, and enhancing brand visibility.

Founder Naina Parekh emphasized the strategic goals behind this funding, highlighting plans to capitalize on the growing consumer base in tier II and tier III cities in India. "Today's aspirational consumers in smaller cities are increasingly drawn to premium brands. Expanding our reach to tap into this demographic is a significant part of our expansion strategy," she stated. Parekh also outlined ambitions for international expansion, marking a pivotal milestone in Eume's growth trajectory.

Founded in 2018 and headquartered in Mumbai, Eume has carved a niche with its diverse product lineup, including luggage, backpacks, vegan handbags, and accessories. The brand is set to inaugurate its flagship store later this year, starting in Mumbai, to bolster brand recognition and customer loyalty through omnichannel presence.

Citing industry insights, a research note by Crisil forecasts a robust 15% year-on-year growth in India's luggage industry revenue for the current fiscal year. This growth trajectory remains strong despite a high base effect observed in the previous fiscal year, driven by increasing adoption of hard luggage by organized sector players, alongside sustained growth in tourism and corporate travel.

Eume aims to achieve a revenue target of Rs 65-70 crore by the end of FY25, leveraging its balanced sales approach between direct channels and prominent marketplaces. Commenting on the investment, Ashish Kacholia commended Eume for its innovative product offerings and strategic retail partnerships, aligning with his investment philosophy to support high-potential challenger brands.

The funding round for Eume follows a recent trend in the industry, with notable investments in direct-to-consumer luggage brands reflecting investor confidence and market potential.