The D2C luggage brand Uppercase has recently declared that they have secured $9 million in a funding round led by venture capital firm Accel. Reportedly, the round boosted up the startup’s valuation to $60 million.

Uppercase plans to use the raised capital to enhance its business operations, including opening new retail stores in India and expanding into international markets like Europe and the Middle East within the next year.

Founder Sudip Ghose stated that partnering with venture capital firm Accel will assist the startup in building its brand and expanding its distribution by growing its exclusive retail channels.

He mentioned that, with Accel’s extensive international experience, the company anticipates expanding its global presence soon. They plan to continue driving growth and innovation, aiming to impact global travel, all while operating from India.

The company was established in 2022 with a focus on sustainability and Indian manufacturing. It offers eco backpacks, eco trolley bags, eco duffles, and eco shoulder bags. The price range of the products the startup offers is between Rs.3,500-5,000 range.

The company generated nearly 60% of its sales through offline channels, with the remaining 40% coming from online sales.

Uppercase is targeting more than double its revenue to Rs. 150 crore by the end of this fiscal year from Rs.70crore of last fiscal year. The company is also eyeing on to open 50 retail outlets by March 2025.

Although Uppercase currently depends on contract manufacturers, the startup plans to open its own manufacturing facility in Nashik by December.

Barath Shankar Subramanian, Partner, Accel, mentioned, "Uppercase is creating a unique niche in the market through its deep Indian roots and strong dedication to sustainability. With over twenty years of industry experience, Sudip is spearheading the brand’s forward-thinking approach to eco-friendly travel gear."