Sustainable luggage-maker Uppercase has announced a successful $9 million Series B funding round led solely by Accel. This new investment values the company at $60 million and marks a significant step in Uppercase’s plans for expansion and development.
The Series B round, which did not see participation from previous investors, will support Uppercase’s strategy to ramp up its retail footprint and brand development. The funds are aimed at expanding its offline presence in major metropolitan areas, where it currently sees the majority of its revenue. This move is expected to help solidify the company’s position in the market and enhance its distribution channels.
Sudip Ghose, Founder and Managing Director of Uppercase, commented on the development, “This partnership will help us to build our brand and distribution by expanding our exclusive retail channels. With Accel’s extensive international experience, we look forward to increasing our global footprint soon.”
The company’s goal is to achieve Rs 150 crore in revenue for the fiscal year 2024-25 and to break even by the end of FY27. Ghose’s vision for the brand is underscored by over two decades of industry expertise, which drives Uppercase’s commitment to eco-friendly travel solutions.
Barath Shankar Subramanian, Partner at Accel, expressed enthusiasm about the investment, stating, “We are excited to support Uppercase as they deliver a seamless omnichannel experience, capitalizing on emerging market opportunities to set new standards for growth and responsible business practices.”
Founded in 2021 by Sudip Ghose, Uppercase initially raised $1.5 million in seed funding from Emam Holdings in March 2022. Later in July 2022, the company secured $7 million in a pre-Series A round led by Sixth Sense Ventures.