EUME, a sustainable and eco-conscious luggage company from Mumbai, India, has raised ₹15 crore ($1.7 million) This is the second funding phase of the startup, which emphasizes its further development and adherence to high standards. EUME is expected to achieve a revenue of ₹65-70 crore by the end of FY25.
Investment Details
The funding was spearheaded by experienced investor Ashish Kacholia. EUME wants to employ the funds for several strategic actions. Simplifying Business Processes for increased productivity and performance. Team Expansion to enhance the competence of its workforce. Innovation Drive to finance product development and technology. Offline Retail Presence to develop physical stores for an integrated client experience. Brand Awareness to increase its recognition and credibility in the market.
Expansion Plan
Products include Stylish and functional travel bags which are environmentally friendly accessories and readily adapting to modern lifestyle. EUME plans to launch its first store this year starting with Mumbai. The brand wants to reach out to aspiring consumers in tier II and III cities, where the demand for such products is expected to soar. However, expansion into the international market is also in the pipeline.
Market and Investor Perspective
The manufacturing revenue of the luggage industry in India is expected to rise approximately by 15% YoY in the current financial year. Some of the reasons for this growth include the adoption of hard luggage, continued tourism, and business travel. Pursuant to this, Ashish Kacholia highlighted EUME’s functional products as well as their availability in large retailers’ stores. It fits into his approach of investing in challenger brands in the early stages of their development.
EUME’s Luggage Sustainability
Since its establishment in 2017, EUME has demonstrated a high level of innovativeness in solving actual-life challenges while embracing sustainability. EUME specializes in vegan leather handbags and accessories. Since they do not use any animal products, they help in the conservation of the environment. The brand not only uses eco-friendly materials but also cares about environmentally friendly manufacturing. This entails the incorporation of recycled products, minimal wastage, and their impact on the environment.
Another proof of their utilitarian approach is the invention of a massager backpack designed by EUME. It aims to integrate the idea of innovation together with the enhancement of users’ lives. The fact that EUME brands are featured prominently on the shelves of most large retail stores is evidence of this. Their approach also has a synergy with investor Ashish Kacholia who wants to support young challenger brands at the inception stage.
EUME’s patented massager backpack
EUME, the global manufacturer of luggage, has unveiled a new massager backpack that features as both a backpack and a massager. The backpack has two groups of massagers positioned in the most convenient manner. These massagers focus on the upper and lower back in order to ease pain and stress. Users can fix the torso to their preferred position depending on where they want the massagers placed.
The main open compartment is large enough to accommodate laptops with a screen size of up to 16 inches. Small pockets on the side allow you to reach for something like a water bottle while traveling. EUME offers a massager backpack that is TSA-compliant and comes with ergonomic considerations in mind. It’s a combination of work, fashion, and leisure.
Conclusion
The company has revealed that all its products are eco-friendly and the designs used in the production of the luggage are unique. EUME’s eco-friendly philosophy, product differentiation, and financial planning indicate the company’s further development in the highly saturated luggage niche.
Image Source: EUME
