ICON, a direct-to-consumer startup specializing in luggage and travel accessories, has successfully raised $1.2 million in seed funding. This investment round, led by DSG Consumer Partners with support from various angel investors, marks a significant milestone for the Mumbai-based company as it aims to disrupt the Indian luggage market.
CEO Mohammad Patel shared that the fresh capital will be used to enhance ICON’s product range, grow the team, and strengthen the distribution network. He emphasized the untapped potential in the Indian luggage market, which is valued at approximately ₹20,000 crore and is expected to grow at a robust annual rate of 14% over the next three years. Notably, nearly half of this market remains unbranded, presenting a significant opportunity for ICON to establish itself as a key player in the mass premium segment.
ICON, founded by industry veterans Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, aims to cater to modern travelers with products that combine superior design, functionality, and durability. The founders previously achieved success with MyFitness, a health food startup that was acquired by Mensa Brands in 2022. They now bring their expertise to ICON, seeking to redefine the luggage industry in India.
With its innovative products, ICON is set to capitalize on the growing demand for travel and lifestyle goods. The company’s offerings include hard luggage, backpacks, and handbags, all designed to meet the needs of the modern, fashion-conscious traveler. ICON’s products feature unique elements such as wide-handle trolleys, smart bags with power bank slots, and Bluetooth-enabled trackers. The materials used are premium and globally sourced, ensuring durability and style.
DSG Consumer Partners’ MD and Head of India, Hariharan Premkumar, expressed confidence in ICON’s vision, noting the team’s proven track record with MyFitness and the immense growth potential in the luggage market. He highlighted the expected boom in domestic and international tourism in India, which is set to become the fourth-largest global spender in travel by 2030. This growth, coupled with an increasing demand for high-quality, fashionable luggage, underscores the strategic timing of this investment.
Looking ahead, ICON plans to diversify its retail presence by launching its first offline store by 2025, complementing its strong online presence. This move aims to provide customers with a tangible experience of their high-quality products.
ICON’s mission is to transform the travel experience for Indian consumers, making it more stylish, efficient, and enjoyable. With this seed funding, ICON is well-positioned to lead a revolution in the luggage market, offering products that reflect the evolving needs and preferences of today’s travelers