D2C luggage brand Uppercase raises $9 million in funding led by Accel

Direct-to-consumer (D2C) luggage brand Uppercase has raised $9 million in a funding round led by venture capital firm Accel.

Notably, the round nearly doubled the startup's valuation to $60 million. The latest round brings its all-time raise to over $17 million.

Focused on expansion

Uppercase plans to use the raised capital to expand its business operations, which include opening new retail stores in India and expanding into international markets such as Europe and the Middle East by the next year.

Founder Sudip Ghose said that getting Accel on board will help the startup build its brand and distribution by expanding its exclusive retail channels.

“With Accel’s extensive international experience, we look forward to increasing our global footprint soon. We will continue to drive growth, innovation and impact the way the world travels and we will do it from India,” he said.

Uppercase offerings

Founded in 2022, Uppercase, which focuses on sustainability and Indian manufacturing, offers eco backpacks, eco trolley bags, eco duffles, and eco shoulder bags. 

The startup's products are priced in the Rs 3,500-5,000 range. Notably, It generates about 60% of its sales through offline channels, with the remaining 40% coming from online sales.

Targeting for double revenue growth

Uppercase aims to more than double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year. Besides, the startup also aims to open 50 retail outlets by March 2025.

While Uppercase currently relies on contract manufacturers, the startup is set to establish its own manufacturing facility in Nashik by December.

“Uppercase is carving out a unique space in the market with its deeply rooted Indian identity and unwavering commitment to sustainability. With over two decades of industry expertise, Sudip drives the brand’s cutting-edge approach to eco-friendly travel gear,” said Barath Shankar Subramanian, Partner, Accel.