Premium luggage brand EUME raises Rs 15 crore in funding led by Ashish Kacholia

Premium luggage brand EUME has raised Rs 15 crore in a pre-Series A funding round led by Ashish Kacholia of Lucky Investment Managers, who contributed a significant 80% of the total investment.

Kennis Ventures served as the strategic advisor for this funding round.

“Our vision for Eume goes beyond merely being a brand; we aim to be a household name synonymous with top-notch quality, flawless design, affordability, and style. The goal has always been to create a holistic travel ecosystem with our range of travel luggage, backpacks, and accessories, all crafted with a focus on excellence," said Naina Parekh, co-founder of Eume.

Purpose of fundraising

EUME will use the raised capital to streamline operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness.

"This latest infusion of funding not only strengthens our market position but also demonstrates confidence in India's growing travel and lifestyle sector. With this support, we will continue innovating and expanding our offerings, setting new benchmarks in the travel luggage and lifestyle sector," Parekh added.

What does EUME do?

Founded in 2018 by Naina Parekh and Pranay Parekh, EUME is known for its versatile product range, including the world’s first Massager Backpack. 

The brand recently launched a premium travel luggage collection and is targeting major metro areas, as well as Tier 1 and Tier 2 cities. EUME plans to establish its first flagship store in Mumbai in 2024.

Furthermore, the brand has set a revenue target of Rs 65-70 crore by the end of FY25.

What did Ashish Kacholia say?

“Eume's highly functional products have earned them a place on the shelves of major retailers, aligning with our strategy of backing promising challenger brands that demonstrate exceptional potential early in their life cycle. With a unique mother/son founding team, we believe in their ability to drive profitable growth and look forward to supporting their journey towards continued success.," said Ashish Kacholia.