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Luggage brand EUME raises Rs 15 Cr in new round

EntrackrEntrackr · 1y ago
Luggage brand EUME raises Rs 15 Cr in new round
Medial

EUME, a sustainable and eco-conscious luggage brand, has raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia. This is the second funding raised by the Mumbai-based startup. In February last year, EUME had raised an undisclosed amount from Mumbai Angels. The proceeds will be used to ramp up operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness. Founded by Naina Parek, the startup offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others. Last year, EUME claimed to have clocked a monthly run-rate of Rs 1.8 crore.It targets a revenue of Rs 65-70 crore by the end of FY25. Its sales are split evenly between its own website and marketplaces. The startup also plans to launch its flagship store in Mumbai this year. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, EUME also competes with Assembly and Uppercase.

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Travel accessories brand EUME raises Rs 25 Cr in Series A

EntrackrEntrackr · 1m ago
Travel accessories brand EUME raises Rs 25 Cr in Series A
Medial

Travel accessories brand EUME has raised Rs 25 crore ($3 million) in its Series A equity round led by investor Ashish Kacholia. Existing backers including Pradeep Rathod of Cello Group and Prithviraj Kothari of Arvog Financial also participated. Earlier in June last year, the Mumbai-based startup had raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia. The proceeds will be used to scale physical retail, strengthen operations, invest in marketing, and support working capital needs. Founded by Naina Parekh and Pranay Parekh, EUME began as a design-forward luggage brand and has built awareness through associations with events like the Tata Mumbai Marathon and SulaFest. EUME plans to open three flagship stores within 45 days in Bengaluru (Mall of Asia), Mumbai (Oberoi Sky City), and Hyderabad (Sarath City). These new locations are part of the firm’s strategy to grow its offline presence and tap into metro markets. The brand aims to position itself as a premium luggage player, combining retail expansion with product innovation. The brand is set to expand its portfolio across travel categories and focus on premium-priced offerings. It also continues to grow its presence in both B2C and B2B segments, including corporate gifting partnerships.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 11m ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

Fur Jaden raises Rs 9.5 Cr in pre Series A from Gruhas Collective Consumer Fund

EntrackrEntrackr · 3m ago
Fur Jaden raises Rs 9.5 Cr in pre Series A from Gruhas Collective Consumer Fund
Medial

Snippets Fur Jaden raises Rs 9.5 Cr in pre Series A from Gruhas Collective Consumer Fund Lifestyle luggage brand Fur Jaden has picked up Rs 9.5 crore (about $1.1 million) in pre-Series A funding round led by Gruhas Collective Consumer Fund (GCCF). The proceeds will be used to accelerate growth by building high-calibre professional teams, amplifying brand presence, expanding product categories, and scaling omnichannel retail reach, Fur Jaden said in a press release. Co-founded in 2015 by Sahil Rajesh Bansal and Karishma Bansal, Fur Jaden is an innovative Indian fashion and lifestyle accessory brand committed to redefining the perception of backpacks and luggage. With a focus on sustainability, innovation, and design, the brand offers a diverse range of products that cater to the evolving needs of modern consumers, positioning itself as more than just a product manufacturer, but a lifestyle partner. Since its inception, Fur Jaden claims that it has built a devoted consumer base, delighting over 1 million customers with its curated product portfolio. This spans multiple categories, including luggage, travel duffles, backpacks, and crossbody bags. With a firm commitment to sustainability, 50% of the brand’s product line features an eco-friendly range, incorporating cruelty-free vegan leather and recycled canvas. According to market research, the Indian luggage, bags, and backpack market was estimated at Rs 20,400 crore in 2024 and is projected to reach Rs 29,900 crore by 2030, growing at a CAGR of 8% from 2025 to 2030. Over the next 16–18 months, the brand aims to achieve an annual recurring revenue (ARR) of Rs 100 crore in net revenue. Simultaneously, over the next five years, the brand is focused on cementing its position as a leading home-grown lifestyle luggage brand with a robust pan-India presence.

Mokobara reports Rs 117 Cr revenue and Rs 4 Cr loss in FY24

EntrackrEntrackr · 7m ago
Mokobara reports Rs 117 Cr revenue and Rs 4 Cr loss in FY24
Medial

Peak XV-backed Mokobara grew rapidly in the fiscal year ending March 2024, with its operating scale surging 2.2X. Simultaneously, the Bengaluru-based firm halved its losses during the same period. Mokobara's revenue from operations spiked to Rs 117.4 crore in the last fiscal year from Rs 53.3 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Mokobara is an Indian direct to customer luggage brand which offers wallets, travel bags, kits, sling bags and other travel accessories. Sale of these products was the sole source of revenue for the company in FY24. The company also earned additional Rs 1.6 crore from interest income which pushed its total income to Rs 119.03 crore in FY24. On the expense side, the largest expense category, material costs, spiked 2X to Rs 57.28 crore, constituting 46.5% of the total expenses. Advertising expenses grew by 37.9% to Rs 22.64 crore, while employee benefit costs rose sharply by 2.6X to Rs 13.02 crore. Overall, Mokobara's total costs doubled to Rs 123.3 crore in the last fiscal year from Rs 61.9 crore in FY23. In the end, Mokobara managed to halve its losses to Rs 4.24 crore in FY24 from Rs 8.21 crore in FY23. Its ROCE and EBITDA margin stood at -0.97% and -0.92%, respectively. On a unit basis, the company spent Rs 1.05 to earn a rupee of operating revenue during the last fiscal year. The company's current assets grew to Rs 182.6 crore in FY24, driven by increased cash and bank balances, which surged to Rs 111.67 crore. By the end of FY24, Mokobara raised $12 million led by Peak XV. It competes with Uppercase, Assembly, Nasher Miles, and EUME, all of which secured funding in 2024. Uppercase raised $9 million in August, Assembly secured $2 million led by Prath Capital, Nasher Miles raised $4 million in a bridge round, and EUME received funds in a seed round. Mokobara has made its mark, and done it well by easing almost into profits, in a market that has begun to see a 'once in 30 years' sort of upheaval. If it was Safari upending the cozy duopoly of VIP industries and Samsonite earlier, it is brands like Mokobara that are still slicing and dicing the market for more discerning customers. Investors clearly see the signs, but are probably not as convinced about the eventual potential in the mature category, which explains the tentative size of the bets. Mokobara has the clear opportunity in D2C, and the focus should hold it in good stead to establish itself more firmly.

Three year old luggage brand uppercase’s revenue zooms 6X to Rs 62 Cr

EntrackrEntrackr · 9m ago
Three year old luggage brand uppercase’s revenue zooms 6X to Rs 62 Cr
Medial

Direct-to-consumer luggage brand uppercase has recently secured $9 million in a Series A funding round led by Accel Partners. The investment appears to be driven by the company’s rapid growth and strong unit economics. In FY24, uppercase reported a 5.8X surge in revenue while successfully reducing its losses by over 19%. Owned and operated by Acefour Accessories, it saw its revenue from operations soar to Rs 62.2 crore in FY24, up from Rs 10.7 crore in FY23, according to financial statements filed with the RoC. The sale of products—primarily eco-friendly trolleys, backpacks, and duffel bags—was the main driver of this growth, contributing 98% of the operating revenue. Additionally, the company earned Rs 1.78 crore through gains from the sale of other investments and interest on bank deposits, bringing uppercase’s total income to Rs 64 crore in FY24. When examining expenses, the cost of materials was the largest contributor, accounting for 40% of the total expenses. This cost surged 5.8X, reaching Rs 32.6 crore in FY24, up from Rs 6 crore in FY23. Advertising expenses made up 19% of total costs, increasing by 62% to Rs 15.8 crore. Employee benefit expenses grew 31% to Rs 13.6 crore in the last fiscal, with Rs 12 crore allocated to employee salaries. Selling and distribution expenses, along with legal and professional fees, were other significant costs that contributed to a 2.5X spike in total expenses, rising to Rs 83.2 crore in FY24 from Rs 32.8 crore in FY23. Due to the substantial revenue growth, uppercase was able to reduce its losses by 19.2%, bringing them down to Rs 17.55 crore in the fiscal year ending March 2024 from Rs 21.71 crore in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -195.14% -29.78% Expense/₹ of Op Revenue ₹2.12 ₹1.34 ROCE -79.91% -67.45% The company’s return on Capital employed (ROCE) and EBITDA margin stood at -67.45% and -29.78%, respectively. On a per-unit basis, uppercase spent Rs 1.34 to generate Re 1 of operating income in FY24, a significant improvement from Rs 2.12 per rupee of income in FY23. uppercase sells travel gear both online and through 1,800 multi-brand stores across India. The Mumbai-based company is aiming to more than double its revenue to Rs 150 crore by FY25, with a longer-term goal of reaching Rs 500 crore by opening 250 exclusive retail stores over the next three years. uppercase faces competition from several direct-to-consumer (D2C) luggage brands, many of which have also raised significant capital over the past year. In February, Mokobara raised $12 million in a Series B funding round led by Peak XV. Assembly secured $2 million in funding, led by Prath Capital, while Nasher Miles raised $4 million in a bridge round. EUME also managed to secure funds in a seed round. It has been interesting to see a relatively low profile category like luggage draw so much attention in recent years. Ironically, a lot of it is thanks to ex-VIP hands who are helming uppercase or even leader Samsonite, for that matter. Continuing weakness at VIP seems to have opened up opportunities for other players to step in, besides innovation in terms of market segmentation. A market that is dominated by the top 3 players at over 85% share even today (VIP, Samsonite and Safari) could be wearing a very different look if the well made plans of many of these new entrants play out. Even otherwise, the market remains semi-commoditised, thanks to cheap imports, and the relative ease of picking up luggage from other markets for international travelers from India, for instance. Brand loyalty remains low in the mass segment, and it will take a significant breakthrough in terms of manufacturing, funding or branding to shift the market trajectory from a discounts and distribution based model.

Argos Watches raises Rs 6.5 Cr in Angel round

EntrackrEntrackr · 3m ago
Argos Watches raises Rs 6.5 Cr in Angel round
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Argos Watches raises Rs 6.5 Cr in Angel round Indian luxury watch brand Argos Watches has raised Rs 6.5 crore (around $780K) in an angel funding round, valuing the company at Rs 45 crore ($5.4 million) from a group of high-net-worth Indian investors. The proceeds will be used to create new products, build brand awareness, and grow online. Argos aims to double its revenue this year. Founded by Mr. M. Shahiwala, Argos brand offers high-quality, vintage-style automatic and hand-wound watches at affordable prices. It sells its watches only through its website, using a direct-to-consumer model to offer an easy buying experience. Its watches cost between Rs 8,000 and Rs 20,000. Its Apollo series and flagship Olympus watch, a mechanical watch with a power reserve indicator, have gained popularity among Indian watch enthusiasts. As of 2025, Argos remains bootstrapped, with an estimated revenue of around $580,000 annually. The brand plans to launch more models with advanced features while continuing to build its brand through community engagement and digital presence.

D2C brand Zouk raises $10 Mn led by Aavishkaar Capital

EntrackrEntrackr · 8m ago
D2C brand Zouk raises $10 Mn led by Aavishkaar Capital
Medial

Zouk, a direct-to-consumer bags and luggage brand, has raised $10 million in its Series B funding round, led by Aavishkaar Group. This round also saw participation from Stellaris Venture Partners, Titan Capital, Sharrp Ventures, and the JJ Family, bringing Zouk’s total funding to $14.5 million. Entrackr reported on October 7 about Zouk's new funding round. With the fresh capital, Zouk will focus on expanding its network of exclusive brand outlets, aiming for a total of 75 stores. The firm also plans to enhance its marketing efforts and supply chain while investing in talent across various verticals. Founded in 2015 by Disha Singh and Pradeep Krishnakumar, Zouk specializes in handmade products, including laptop bags, tote handbags, sling bags, and wallets, all crafted from 100% vegan leather sourced in India. With over 700,000 customers served, the startup is also venturing into the luggage segment with new backpacks and trolley bags, anticipating strong growth in this area. Sources indicate that Zouk will be valued in the range of $50 million (approximately Rs 400 crore). According to the startup data intelligence platform TheKredible, the Mumbai-based startup was valued at around $7 million during its last round. At the time of the last funding round, co-founders Disha Singh and Pradeep Krishnakumar each held a 31% stake in the company, while Stellaris was the largest external shareholder with a 19.63% stake. For the fiscal year ending in March 2023, Zouk reported a revenue of Rs 47.41 crore, up from Rs 21.82 crore in FY22. However, the company’s losses increased to Rs 10.55 crore, compared to Rs 77 lakh in the previous year. Zouk has yet to file its numbers for FY24. Lead investor Aavishkaar Capital has previously backed several startups, including AgroStar, Altum Credo, Ergos, GoDesi, Milk Mantra, and Newtrace.

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