EUME, a Mumbai-based luggage manufacturer has successfully raised Rs. 15 crore (approximately $1.7 million) in a Pre-series A funding round directed by Ashish Kacholia. Along with that Kennis Ventures performed as a strategic mentor for the funding round.

Established in 2018 by Naina & Pranay Parekh presents a huge array of items such as bag packs, vegan handbags, luggage's and many other accessories. The dedicated startup intends to use the raised funds for enhancing the efficiency of operations, extending the manpower, fostering development, founding offline stores, infusing in ground-breaking technology and bolstering brand visibility through calculative marketing strategies.

Responding to this unwavering fundraise, Naina Parekh, Co-Founder of EUME expressed her self-reliance in the escalating industry of travel and lifestyle in India through a statement, “This latest infusion of funding not only strengthens our market position but also demonstrates confidence in India’s growing travel and lifestyle sector.”

“Today’s Tier-II and Tier-III cities are also very well exposed to premium brands. So, to tap into these kinds of aspirational people is a very big expansion goal. Going international is also one of our goals, - Naina Parekh added.

The determined startup is gearing up to launch its first flagship store in Mumbai in the end of the year, creating a vital milestone in its growth strategy. EUME competes with key players in the Indian luggage market including Mokobara, ICON, Nasher Miles and Nasher Miles.

Currently, the luggage market of India estimated at $15.05 billion, further it is expected to expand at a CAGR of 5.21 percent up to 2028. This growth tendency signifies the luggage industry’s potential to attract the investors.