TLDR:
– Accel has invested $9 million in luggage brand Uppercase, doubling its valuation to $60 million.
– The funding will be used to expand retail stores in India, Europe, and the Middle East.
Accel has invested $9 million in Uppercase, a luggage brand, increasing its valuation to $60 million. The funding will support the expansion of retail stores in India, Europe, and the Middle East. Uppercase plans to open 50 stores by March 2025 and aims to double its revenue to Rs 150 crore this fiscal year. The company currently sells its travel gear online and through multi-brand stores. The investment is seen as an effort to build a global brand, focusing on sustainability and eco-friendly travel gear. Uppercase, known for its Indian identity and commitment to sustainability, designs and manufactures all its products domestically and plans to open a manufacturing facility in Nashik. The company’s revenue is projected to more than double by the end of the fiscal year, with an emphasis on offline sales and expanding retail presence.
