Sustainable luggage brand Uppercase raises $9M funding from Accel at $60 M valuation
Uppercase plans to use the funds to open 250 exclusive retail stores over the next three years and expand its global footprint.
Sustainable luggage-maker Uppercase has raised $9 million in Series B round from Accel as it looks to ramp up retail expansion and brand development.
The company said it plans to use the funds for business expansion and increase its consumer base across the country. It is also looking to expand its offline presence, which contributes to majority of its revenue, in leading metros and solidifying its market position.
The series B round, which values the company at $60 million, did not witness any returning investors. Accel was the sole investor, and will also get a seat on the Uppercase Board.
"This partnership will help us to 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.
The company aims to clock Rs 150 crore revenue in FY24-25 and has a clear path to break even by the end of FY27, Ghose had told Yourstory earlier.
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, capitalizing on emerging market opportunities to set new standards for growth and responsible business practices,” said Barath Shankar Subramanian, Partner at Accel.
Founded by Sudip Ghose in 2021, Uppercase raised $1.5 million in seed round from Emam Holdings in March 2022. The same year, in July, it raised $7 million in a pre-Series A round led by Sixth Sense Ventures’ current fund, Sixth Sense India Opportunities III.
Edited by Megha Reddy