D2C Luggage Brand Uppercase Secures $2.15M Fresh Funding

Sudip Ghose, Uppercase Managing Director

Direct-to-consumer (D2C) luggage brand Uppercase has raised Rs 20 crore (USD 2.15 million) in a fresh funding round from existing investors Accel India and Volrado Venture Partners. The Mumbai-based company has secured this capital from the existing investors after a gap of nearly 20 months.

The board of Uppercase has approved a special resolution to allot 80,514 shares at an issue price of Rs 2,484 per share to raise the above-mentioned sum, as per its regulatory filings with the Registrar of Companies.

Accel India and Volrado Venture Partners invested Rs 10 crore each.

According to Entrackr’s analysis, Uppercase’s valuation remains flat at around Rs 534 crore ($57 million), in line with its $9 million Series B round raised in August 2024. 

The proceeds will be used to support the company’s expansion and growth, according to the filings.

Founded by Sudip Ghose along with Uday Sodhi and Arnob Mondal, Uppercase (Acefour Accessories) sells backpacks, suitcases, and travel gear, with a focus on sustainable materials, durability, and functional design.

Following the latest allotment, Volrado Venture Partners remains the largest external shareholder with a 17.68% stake, followed by Accel India holding 16.23%. Cricketer Jasprit Bumrah owns 0.42%, while the co-founders collectively hold a 29.04% stake in the company.

In April last year, Indian cricketer  Bumrah invested in Uppercase and has been associated with the brand as its ambassador since then.

Uppercase reported a 34% year-on-year growth in operating revenue to Rs 83 crore in FY25, compared to Rs 62 crore in FY24. However, its losses widened significantly to Rs 35 crore during the same period.

Uppercase competes with luggage brands such as Escape Plan, which recently raised $25 million, and Mokobara, which secured $12 million in a Series B round led by Peak XV Partners in February 2024. It also counts Assembly, Nasher Miles, and EUME as competitors.

Source: Entrackr