Accel Leads USD 9 Mn Series B Round for Sustainable Luggage Brand uppercase The funding will accelerate uppercase's expansion, enhancing its presence across India by increasing its offline footprint in major metros and solidifying its market position in eco-friendly travel gear.
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Sustainable luggage brand uppercase has successfully raised USD 9 million in its Series B funding round, led by global venture capital firm Accel.
This infusion of capital is set to drive the company's ambitious expansion plans, aiming to bolster its presence across India and solidify its market position.
The Mumbai-based company, known for its eco-friendly travel gear, is looking to scale its operations by increasing its offline footprint in major metropolitan areas, which currently contributes to the majority of its revenue.
With the recent funding, uppercase's total investment has reached INR 150 crore since its inception three years ago. This milestone follows a USD 7 million pre-Series A funding round in 2022, led by Sixth Sense Ventures, with additional support from Volrado Venture Partners.
"We are excited to have Accel join us as we revolutionise the sustainable travel gear industry. Their investment reflects trust in our eco-friendly approach and 100% made in India business model. This partnership will help us build our brand and distribution by expanding our exclusive retail channels. With Accel's extensive international experience, we look forward to increasing our global footprint soon," said Sudip Ghose, Founder and Managing Director of uppercase.
Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. The company's product line includes eco-friendly backpacks, trolley bags, duffles, and shoulder bags, with prices ranging from INR 3,500 to INR 5,000.
Looking ahead, uppercase aims to achieve a revenue goal of INR 500 crore by adding 250 exclusive retail stores over the next three years.
Barath Shankar Subramanian, Partner at Accel, added, "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. We are excited to support uppercase as they deliver a seamless omnichannel experience, capitalising on emerging market opportunities to set new standards for growth and responsible business practices."
