Accel, a venture capital firm, has made a $9 million investment in Uppercase, resulting in a significant increase in the valuation of the luggage manufacturer to $60 million.
The investment will be used to support the brand’s expansion by opening additional retail outlets in both domestic and international markets, including Europe and the Middle East, by next year. This information was shared by Sudip Ghose, the co-founder and managing director, in an interview with ET.
Accel, a previous investor in Flipkart, is currently engaged in discussions to invest in Uppercase, highlighting the strong interest of investors in modern consumer retail businesses.
Currently, Uppercase distributes its travel gear through online channels and a network of 1,800 multi-brand retailers throughout India. The company intends to establish 10 specialized retail locations in cities like as Mumbai, Bengaluru, Pune, Ahmedabad, and Kolkata by the upcoming month, with a further expansion to 50 similar outlets by March 2025.
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Approximately 60% of Uppercase’s sales are currently derived from offline channels, while the remaining portion is generated through online channels. The company aims to achieve a revenue increase of over 100% to Rs 150 crore by the end of the current fiscal year, compared to Rs 70 crore in the previous year.
Uppercase, a company that both creates and manufactures all of its goods within the country, is planning to establish its own production plant in Nashik by December. Currently, it acquires the products manufactured by contract manufacturers.
About Uppercase
Founded in 2022 by Sudip Ghose, Uppercase is a D2C company building India’s biggest and global D2C sustainable Travel accessories brand.
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