EUME, a sustainable and eco-conscious luggage brand, has raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia (ace investor).

The startup is based on mumbai . And it is the second funding raised by the company. In February last year, EUME had raised an undisclosed amount from Mumbai Angels. The funding will be used to ramp up operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness.

Eume was founded by Naina Parek & pranay parek in 2018 the startup offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others.

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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.

India’s luggage industry revenue is projected to increase by approximately 15% year-on-year (YoY) in the current fiscal year. This growth is expected despite a high base effect of 40% in the previous fiscal year. The growth is driven by the increasing adoption of hard luggage manufactured by the organised sector, alongside sustained growth in tourism and corporate travel.

The company targets a revenue of Rs 65-70 crore by the end of FY25, said Parekh. Currently, its sales are split evenly between its own website and marketplaces.

Commenting on the investment, Ashish Kacholia said, “Eume’s highly functional products have earned them a place on the shelves of major retailers, aligning with our strategy of backing promising challenger brands that demonstrate exceptional potential early in their life cycle.”

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