PE-VC Fund Investments
D2C luggage maker Uppercase raises Rs.20-Cr from existing investors
Mumbai-based direct-to-consumer (D2C) luggage brand Uppercase has raised INR 20 crore in a fresh funding round from existing investors Accel India and Volrado Venture Partners. The company will allot 80,514 shares at INR 2,484 per share, with both Accel and Volrado investing INR 10 crore each. Uppercase's valuation, at approximately INR 534 crore (USD 57 million), is flat compared to that of its USD 9 million Series B round in August 2024.Post the latest investment, Volrado Venture Partners holds a 17.68% stake in Uppercase, making it the largest external shareholder, while Accel India holds 16.23%. The co-founders collectively maintain a 29.04% stake, and cricketer and brand ambassador Jasprit Bumrah owns 0.42%.Founded by Sudip Ghose, Uday Sodhi, and Arnob Mondal, Uppercase sells backpacks, suitcases, and travel gear, with an emphasis on sustainable materials, durability, and functional design. Uppercase reported an operating revenue of INR 83 crore in FY25, up from INR 62 crore in FY24, although its losses widened to INR 35 crore during the same period.
Between Jul 2022 and Aug 2024, Uppercase had attracted about USD 18 M from Sixth Sense Ventures, Volrado Ventures, Accel India and others.For FY25, Uppercase had reported about INR 83 Cr in Operating Income and about INR 35 Cr in Net Loss.
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