Luggage brand Uppercase Secures $9 Million from Accel, Achieves $60 Million Valuation

Venture capital powerhouse Accel has made a significant move in the consumer retail space by investing $9 million in Uppercase, a new-age luggage maker. This investment nearly doubles Uppercase's valuation to an impressive $60 million. The funds will be used to accelerate Uppercase's expansion plans, including opening new retail stores domestically and expanding into Europe and the Middle East by next year.

Strategic Expansion and Global Ambitions

Uppercase, co-founded by Sudip Ghose, is not just aiming to grow within India but is setting its sights on becoming a global brand. The investment will primarily support the establishment of new retail stores and enhance the company’s supply chain to support its international ambitions. "The goal is to build a global presence, with a significant focus on expanding our retail footprint in India and improving our back-end infrastructure for international markets," Ghose stated.

Plans for New Retail Stores

Currently, Uppercase sells its travel gear through online channels and 1,800 multi-brand stores across India. By next month, the company plans to launch 10 exclusive retail stores in major cities such as Mumbai, Bengaluru, Pune, Ahmedabad, and Kolkata. This is just the beginning, as Uppercase aims to expand to 50 exclusive outlets by March 2025.

Revenue Growth and Product Pricing

Uppercase’s sales are split between online and offline channels, with approximately 60% coming from offline sales. The company is targeting to more than double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year. Products are priced between Rs 3,500 and Rs 5,000, positioning Uppercase competitively in the market.

New Manufacturing Facility

In a bid to enhance its production capabilities, Uppercase will also open a new manufacturing facility in Nashik by December. This facility will replace current contract manufacturing arrangements and further solidify Uppercase's commitment to domestic production.

Barath Shankar Subramanian, partner at Accel, praised Uppercase for its strong Indian identity and commitment to sustainability. “Uppercase is carving out a unique space in the market with its deeply rooted Indian identity and unwavering commitment to sustainability,” he noted. With over two decades of industry expertise, Sudip Ghose is leading the brand’s innovative approach to eco-friendly travel gear.

As Uppercase continues to expand and innovate, this investment from Accel marks a pivotal moment in the company's journey towards becoming a global leader in the luggage industry.