Venture capital firm Accel has invested $9 million in Uppercase, nearly doubling the new-age luggage maker’s valuation after the investment to $60 million.

The investment is used to fuel brand’s expansion through new retail stores domestically as well as in Europe and the Middle East upto next year.

Mumbai-based Uppercase currently sells its travel gear online and through 1,800 multi-brand stores across India. The company plans to open 10 exclusive retail stores in cities such as Mumbai, Bengaluru, Pune, Ahmedabad and Kolkata by next month, and expand to 50 such outlets by March 2025.

The 60% sales of the company comes from offline stores and 40% from online. The company is targeting to more than double its revenue to Rs 150 crore by the end of this fiscal year, up from Rs 70 crore last year.

“Uppercase is carving out a unique space in the market with its deeply rooted Indian identity and unwavering commitment to sustainability. With over two decades of industry expertise, Sudip drives the brand’s cutting-edge approach to eco-friendly travel gear,” said Barath Shankar Subramanian, partner at Accel.

 

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