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Travel accessories brand EUME raises Rs 25 Cr in Series A

EntrackrEntrackr · 3m 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.

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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.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 1y 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.

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

EntrackrEntrackr · 8m 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.

Travel tech startup The Tarzan Way raises Rs 2 Cr led by IPV

EntrackrEntrackr · 2m ago
Travel tech startup The Tarzan Way raises Rs 2 Cr led by IPV
Medial

Noida-based AI-powered travel tech startup The Tarzan Way has raised Rs 2 crore (around $233K) in a seed funding round led by Inflection Point Ventures (IPV). The round also saw participation from Your Trips Limited (UK), PhysicsWallah Founder Prateek Maheshwari, and several angel investors. The funds will be allocated towards product development (35%), operations (25%), marketing (20%), HR/admin (15%), and miscellaneous functions (5%). Founded in 2020 by Shikhar Chadha and Shivank Tripathi, The Tarzan Way uses AI to create hyper-personalised travel experiences, enabling users to plan custom itineraries in seconds. With its new “Exploration App” set to launch soon, the company aims to streamline travel planning by offering an AI-backed booking engine, one-click bookings, and 24x7 concierge support. The platform claims to have clocked Rs 13.5 crore in gross booking value, with a 300% YoY revenue jump and 70% MoM user growth. The brand has over 35,000 social followers and 10 million+ content views. Backed by a growing market for personalised travel, the expansion of India’s tourism sector is expected to touch $512 billion by 2028.

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

EntrackrEntrackr · 4m 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.

TBO raises Rs 696 Cr from anchor investors

EntrackrEntrackr · 1y ago
TBO raises Rs 696 Cr from anchor investors
Medial

Online B2B travel distribution platform Travel Boutique Online (TBO) has offered Rs 696 crore worth of shares to anchor investors as part of its initial public offering. The board at TBO Tek has passed a resolution to offer 75,70,807 equity shares at an issue price of Rs 920 each to its anchor investors, its regulatory filing accessed from BSE (Bombay Stock Exchange) shows. ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India are some key anchor investors for the company. Out of the total allocation of 7,570,807 equity shares to the anchor investors, 3,155,236 equity shares were allocated to 14 domestic mutual funds through a total of 26 schemes, the filing further added. TBO has initiated its public offering from today (8th May-10th May) 2024 with a price band of Rs 875-920 with the minimum bid quantity of 16 shares. In the DRHP, the Gurugram-based firm had proposed to raise funds through the issue of equity shares of face value of Rs 1 each consisting of a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 12,508,797 equity shares. As per the DRHP, Lap Travel controls the largest holding in the firm with a 25% stake followed by Augusta TBO which has a 24.32% stake in the company. Bhatnagar and Dhingra control 20% and 5.63% stake respectively. During the nine months (March 23- Dec 23) of FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore with a profit of Rs 154 crore. Importantly, income from hotels and packages comprised 72% of its total revenue while collections from air ticketing contributed 25% of its revenue.

Halden secures Rs 5 Cr from Prajay Advisors

EntrackrEntrackr · 1y ago
Halden secures Rs 5 Cr from Prajay Advisors
Medial

Mumbai-based luxury men’s brand Halden has raised 5 Rs crore in a seed funding round led by Prajay Advisors. The fresh funds will be used to expand its market presence and product range, Halden said in a press-release. Co-founded in 2019 by Anuj Beriwal and Mukund Singhal, Halden aims to provide access to premium luxury products at an affordable price. The startup manufactures belts, sunglasses, accessories, travel goods and business essentials. Haldèn claims to have served over 1 lakh customers since inception from tier I and tier II cities. The startup intends to expand its offline presence and to enhance brand visibility, increase sales, and penetrate new online & retail markets. Halden empowers the luxury market in India, making high-quality, affordable luxury products accessible to a broader audience.

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