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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.

Evenflow raises bridge round, eyes public listing by 2027

EntrackrEntrackr · 9m ago
Evenflow raises bridge round, eyes public listing by 2027
Medial

E-commerce roll-up platform Evenflow has raised an undisclosed amount in a bridge round from serial entrepreneur Shail Patel and some existing investors as part of its ongoing $5 million Series A round. The funds will be used to expand operations and grow its seven acquired homegrown brands — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro, and Frenchware. The company aims to increase these brands’ global presence by entering new markets. This fundraise follows recent efforts to strengthen supply chain, marketplaces, D2C, and quick commerce, with new appointments and the elevation of Shashank Ranjan to co-founder. Evenflow operates in India and the U.S., claiming 350% growth on marketplaces like Amazon, Flipkart, CRED, Zepto, and Instamart. The company has outlined a long-term plan to increase revenue by 10X and profits six-fold by 2027. However, these projections may be challenging to achieve, as many roll-up platforms face scaling difficulties. In a media statement, co-founder and CEO Utsav Agarwal shared that the firm aims to prepare for an IPO by the end of 2027. Ecommerce roll-up companies were hot in 2021 and the space also delivered two unicorns —Mensa and Globalbees in the year along with 10club which raised $40 million in one of India’s largest seed rounds. However, the euphoria subsided with the wind up of global posterboy Tharasio and tougher funding environment. As a result, funding for these firms sharply declined over the past two years, from $540 million in 2021 to $70 million in 2022, $78 million in 2023, and $39 million in the current calendar year. While some, like Mensa, secured additional debt, GlobalBees and Goat Brand Labs took over 24 months to do so. 10club shifted focus to consumer brands, and Powerhouse91 and Upscalio haven’t raised funds in over two years. Amazon aggregator Thrasio faced near bankruptcy but recently emerged from Chapter 11 and appointed Stephanie Fox as its new CEO.

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