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D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 10m 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.

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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.

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.

WROGN raises $9 Mn from Aditya Birla Digital Fashion

EntrackrEntrackr · 9m ago
WROGN raises $9 Mn from Aditya Birla Digital Fashion
Medial

Men’s apparel brand WROGN has raised approximately Rs 75 crore (approximately $9 million) in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVL’s stake in the D2C fashion brand from 17.10% to 32.84% on a fully diluted basis, as per a stock exchange filing. Earlier, in June this year, WROGN secured Rs 125 crore ($15 million) from TMRW House of Brands, an Aditya Birla Group company. This investment saw TMRW acquiring a 16% stake in WROGN, valuing the Bengaluru-based brand at around $105 million. Aditya Birla Group’s TMRW has now backed eight Indian fashion brands, including men’s casualwear brand The Indian Garage Co, casualwear Bewakoof, athleisure brand Nobero, children’s brand Nauti Nati, denim label Urbano, and casualwear brands JuneBerry and Veirdo. Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN is a leading name in casual wear, offering a wide range of apparel, footwear, and accessories. Leveraging cricketer Virat Kohli’s influence, the brand has expanded its reach through exclusive brand outlets and partnerships with major e-commerce platforms. Since its inception, WROGN has raised approximately $90 million from investors like Accel, Flipkart, Virat Kohli, and Sachin Tendulkar. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. Flipkart is also an investor in Hrithik Roshan’s HRX, which competes with WROGN. WROGN’s revenue from operations dropped by 29.2% to Rs 243.75 crore in FY24, down from Rs 344.3 crore in FY23. Despite implementing cost-cutting measures, the Virat Kohli-backed brand saw its losses up by 28.2%, reaching Rs 56.76 crore compared to Rs 44.26 crore in FY23, primarily due to a sharp decline in sales. According to a recent report by TMRW X Bain & Company, the fashion and lifestyle sector is India’s second-largest consumer category, valued at $110 billion, with online sales accounting for around $11 billion, or 10% of the market.

MyDesignation raises $1.25 Mn in seed round

EntrackrEntrackr · 2m ago
MyDesignation raises $1.25 Mn in seed round
Medial

Thiruvananthapuram-based direct-to-consumer (D2C) fashion brand MyDesignation has raised $1.25 million (approximately Rs 10.7 crore) in its seed funding round led by Multiply Ventures, with participation from Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures. According to MyDesignation, the capital will be utilized to enhance hiring, improve technology, expand offline presence, and enter new markets. Founded in 2020 by husband-wife duo Swaroop Krishnan and Gopika B Raj, MyDesignation offers fashion and lifestyle products. The brand claims to have built a customer base of over 500,000 consumers, with a 35% monthly repeat rate, and aims to double this user base within the year. MyDesignation operates independently without relying on third-party platforms or marketplaces, allowing full control over the customer journey. The firm plans to deepen its technological capabilities, expand its offline footprint, and hire talent aligned with its mission. In the competitive D2C fashion space, MyDesignation faces competition from brands like NNNOW, Nicobar, and Yepme.

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