Uppercase is an internet-first luggage brand that announced a 483.8 percent increase in operational revenue to Rs 62.2 crore in FY24. The startup provides eco-friendly handcrafted luggage bags. The application offers a product catalog including luggage bags with backpacks, shoulder bags, and more. The sale of these products is the company’s primary source of revenue. The startup also provides backpacks with features like water-repellent designs for bad weather conditions.
Entrackr mentioned in its report that the firm also earns income through gains from sales of other investments. The sale of luggage bags and backpacks accounts for 98 percent of the total operating revenue. The overall revenue generated was around Rs 64 crore in FY24. This includes money from interest and gains on other investments and bank deposits worth Rs 1.78 crore. The company has secured over $19.6 million across four funding rounds since its inception, including $9 million raised during its series B funding round led by Accel Partners for the company’s growth.
The data intelligence platform, tracxn mentioned that the company’s post-money valuation is around 61 million USD. The platform allows users to buy multi-category products across Travel, Retail, and hospitality segments. The startup also provides products including neck pillows, luggage covers, backpack rain protection covers, and other customized luggage bags. The cost of materials accounts for 40 percent of the total expenses and increased by 5.8 times to Rs 32.6 crore in FY24. However, 19 percent of the total expenditure goes to advertising and marketing.
The total expenditure of the firm increased by 153.6 percent to Rs 83.2 crore in FY24. The startup reported a 17.55 percent decrease in its losses of Rs 17.55 crore in the same duration. Meanwhile, the employee benefits increased by 31 percent to Rs 13.6 crore. The Bengaluru startup offers great luggage design quality while meeting market demands. The company intends to control its losses by reducing operating expenses and employee benefits.
The startup sells travel gear through its online platform and 1,800 multi-brand stores across India. The company aims to double its revenue to Rs 150 crore by the next financial year. The EBITDA margin stood at -29.78 percent while the ROCE was around -67.45 percent. Uppercase faces competition from other internet-first brands offering luggage bags such as EUME, and Assembly.
Conclusion :
The D2C Luggage brand Uppercase announced a 483.8 percent increase in its operational revenue to Rs 62.2 crore in FY24. This D2C startup offers a variety of luggage bags with multi-category products like laptop roller cases, luggage covers, neck pillows, and backpack rain protection covers. The sale of these products and interest or gain on other investments are the firm’s primary sources of revenue. The loss also decreased by 19 percent to Rs 17.55 crore in FY24.
The total expenditure of the firm increased by 153.6 percent and crossed Rs 83.2 crore in the same duration. The company plans to minimize its operating and employee expenses. The company has secured over 19.6 million USD across multiple funding rounds to date.
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