Venture capital firm Accel has invested $9 million in Uppercase, significantly increasing the new-age luggage maker’s valuation to $60 million.
The investment is intended to fuel the brand’s expansion by opening new retail stores domestically and in Europe and the Middle East by next year, according to cofounder and managing director Sudip Ghose.
The aim is not just to establish another brand in India but to create a global brand. The recent investment will be primarily used to develop the retail segment of the Indian business and to strengthen the back-end supply chain to support global expansion.
Based in Mumbai, Uppercase currently sells its travel gear online and through 1,800 multi-brand stores across India. The company plans to open 10 exclusive retail stores in cities such as Mumbai, Bengaluru, Pune, Ahmedabad, and Kolkata by next month, with a goal of expanding to 50 outlets by March 2025.
Currently, about 60% of Uppercase’s sales are generated through offline channels, with the remainder coming from online sales. The company is aiming to more than double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year.
Uppercase’s products are priced in the Rs 3,500-5,000 range, while Mokobara’s price point is higher, around Rs 6,000, according to Ghose.
Uppercase, which designs and manufactures all its products domestically, is also set to open its own manufacturing facility in Nashik by December. At present, the products are made by contract manufacturers.
Uppercase is carving out a unique space in the market with its strong Indian identity and commitment to sustainability. With over two decades of industry expertise, Sudip Ghose drives the brand’s innovative approach to eco-friendly travel gear, said Barath Shankar Subramanian, a partner at Accel.
