Accel Leads $9 Mn Series B Round For Uppercase, Valuation Doubles
The fresh proceeds will be used to further expand its offline presence in leading metros solidifying its market position
Accel, a global venture capital firm, led a Series B round of USD 9 million in Uppercase, an innovative and sustainable luggage brand. Uppercase said that the funding will support business expansion, aiming to increase its customer base across India.
The Mumbai-based company, currently selling its travel gear online and through 1800 multi-brand stores across India, aims to achieve Rs 500 crore goal by adding 250 exclusive retail stores over the next three years, as per a press release.
“We are excited to have Accel join us as we revolutionize the sustainable travel gear industry. Their investment reflects trust in our eco-friendly approach and 100 per cent made-in-India business model. 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. We will continue to drive growth, and innovation and impact the way the world travels and we will do it from India,” expressed Sudip Ghose, Founder and Managing Director of Uppercase.
With the USD 9M series B round led by Accel, uppercase’s total funding now reaches Rs. 150 crores since its inception three years back.
Uppercase which designs and manufactures 100% of its products in India, recently won the Red Dot Award for its product Bullet, becoming the first Indian luggage brand in 69 years to receive this honor. It is a smart durable eco-friendly bag which is made out of recycled plastic, ideal for environmentally conscious customers.
Barath Shankar Subramanian, Partner at Accel said, “Uppercase is carving out a unique space in the market with its deeply rooted Indian identity and unwavering commitment to sustainability. 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.”
As part of its strategy, uppercase’s plans to further expand its offline presence in leading metros solidifying its market position, and its journey has been strongly backed by existing investors, Sixth Sense Ventures and Enam’s Akash Bansali, claimed the press release.
