Mumbai-based direct-to-consumer (D2C) luggage manufacturer EUME has successfully raised INR 15 Cr ($1.7 Mn) in a Pre-Series A funding round, with prominent investor Ashish Kacholia contributing 80% of the total investment. Kennis Ventures facilitated the funding as the strategic advisor.
Founded in 2018 by Naina and Pranay Parekh, EUME offers a diverse range of products including luggage, backpacks, vegan handbags, and accessories.
The startup plans to utilize the funds to enhance operational efficiency, expand its workforce, drive innovation, establish offline retail presence, invest in advanced technology, and boost brand visibility through targeted marketing campaigns.
Naina Parekh expressed confidence in India’s growing travel and lifestyle sector, emphasizing the funding’s role in strengthening their market position and supporting expansion initiatives. She highlighted the aspiration to tap into Tier-II and Tier-III cities, along with international markets.
EUME is preparing to launch its flagship store in Mumbai later this year as part of its expansion strategy amidst competition from established players like Mokobara, Nasher Miles, and ICON in the competitive luggage market.
The Indian luggage market, valued at $15.05 Bn, is projected to grow at a CAGR of 5.21% until 2028, reflecting robust investor interest in the sector. EUME aims to achieve revenues between INR 65-70 Cr by the end of FY25.