D2C luggage startup Uppercase has successfully raised $9 million in a Series B funding round led by Accel. This new capital is set to fuel the company’s ambitious expansion plans, particularly in enhancing its retail presence and improving backend operations to meet global standards.
Uppercase has seen remarkable growth, achieving a 7x increase in revenue between last year and this year. Ghose expects the company to close the current financial year with an annual revenue run rate (ARR) of around INR 200 crore and anticipates a growth rate of 50%-70% moving forward. The funding and backend improvements are key to supporting Uppercase’s long-term goal of reaching INR 500 crore in revenue over the next four years.
A significant portion of the funding will also be directed towards strengthening the company’s backend operations. This move is crucial as Uppercase strives to ensure its products meet global quality and pricing standards, positioning the brand for international growth.
In an interview with CNBC-TV18, Uppercase’s Founder and Managing Director, Sudip Ghose, shared how the company plans to allocate the newly raised funds. “We plan to use this fundraise primarily to expand our retail presence, including both company-run and franchisee-exclusive stores,” Ghose said. Uppercase, which currently sells its travel gear online and through 1,800 multi-brand stores across India, aims to open 250 exclusive retail outlets over the next three years.
While the company remains focused on travel-related products, Ghose hinted at broader ambitions within the travel sector, including accessories and smaller bags, to cater to a wider range of customer needs. “As of now, we would like to stick to travel, but when I say travel, it means there are a lot of other things in travel apart from luggage,” he explained.
