Uppercase is a D2C startup that is an internet-first brand of luggage and handcrafted bags. The startup secured $9 million in its ongoing series B funding round led by VC firm Accel. The funding round saw the participation of several new and existing investors including Sixth Sense Ventures. These luggage services, processing, and sales of bags are the primary sources of revenue for the company.
This eco-friendly luggage brand provides a variety of luggage bags like corporate backpacks, shoulder bags, laptop roller cases, and outdoor travel bags. The company also offers waterproof bags designed for various weather conditions. The brand serves in Travel, Retail, and hospitality tech market segments while providing accessories including neck pillows, luggage covers, backpack rain protection covers, and other customized luggage bags.
The company claims to deliver the bags through its online platform in 4-7 days. The startup aims to use this investment and expand its stores in Europe, the Middle East, and the Indian market. Uppercase also plans to double its revenue to Rs 150 crore this fiscal year.
The company plans to use these fresh proceeds to scale its production, increase customer reach, enhance its platform, and expand its services. The startup focuses on developing its offline presence with over 1,800 multi-brand outlets across India. Uppercase will be opening more brand outlets this financial year. The startup raised 7 million USD in its recent pre-series funding round from Volrado Venture Partners and Sixth Sense Ventures. The company intends to strengthen its quick-commerce presence and increase its product capability. The startup offers products priced in the range from Rs 3,500 to Rs 5,000. Uppercase aims to launch 250 exclusive retail stores and achieve Rs 500 crore in the next three years.
The Mumbai-based startup offers great luggage design quality while meeting market demands. This D2C startup plans to increase its offline brand presence. According to the startup data intelligence platform, thekredible, the company reported operating revenue of Rs 10.65 crore in FY23.
However, the net loss was around Rs 21 crore in the same duration. The company has secured over $10.6 million since its inception across three funding rounds, including the $2.08 million secured during this seed funding round. The luggage brand faces competition from other brands including EUME, Mokobara, assembly, and Arctic Fox.
Conclusion :
Internet-first D2C luggage startup, Uppercase secured 9 million USD million in its ongoing series B round from the Venture Capital firm Accel. The startup plans to use this fresh capital to scale its operations, scale up operations, meet general corporate purposes, and increase its workforce.
This investment will enable the company to develop its market presence. The company aims to double its revenue to Rs 150 crore by FY25. The development came just after the D2C sector saw increased investor interest. The investment shows the trust of investors in the uppercase’s market potential and business model. The luggage brand competes with oher D2C luggage companies including Arctic Fox, EUME, and Assembly.
