D2C luggage brand Uppercase, under Acefour Accessories, has secured $9 million in a Series B funding round led by Accel, pushing its post-money valuation to $60 million. The funds will be directed toward the company’s aggressive expansion plans, focusing on increasing its customer base across India and opening exclusive retail stores. This follows the company’s $7 million pre-Series A funding round in 2022, led by Sixth Sense Ventures, with participation from Volrado Venture Partners.
Founded by Sudip Ghose, Uppercase currently sells travel gear priced between ₹3,500 and ₹5,000 through online channels and 1,800 multi-brand stores. The company has set a goal of reaching ₹500 crore in revenue by FY26, targeting the opening of 250 exclusive retail stores within three years. Despite reporting an operating revenue of ₹10.65 crore for FY23, Uppercase incurred a loss of ₹21 crore. However, it aims to hit ₹150 crore in revenue by FY25, with a projected ₹70 crore for FY24.
The D2C luggage space is increasingly competitive, with Uppercase up against brands like Mokobara, Assembly, Nasher Miles, and EUME, all of which have raised significant capital in recent months to scale operations.
Key Highlights:
- Uppercase secured $9M in Series B funding led by Accel, reaching a valuation of $60M.
- The brand aims to achieve ₹500 crore in revenue by opening 250 exclusive retail stores over the next three years.
- Despite a loss of ₹21 crore in FY23, Uppercase projects ₹150 crore in revenue by FY25, doubling its expected FY24 revenue.