Funding · Commerce & Consumer Brands
Uppercase raises Rs 20 crore from existing investors
By Startup Enthusiast ·
- Date
- Company
- Uppercase
- What it does
- D2C luggage brand for travelers
- Kind
- Funding
- Amount
- Rs 20 crore
- Stage
- Series C
- Based in
- Mumbai
What they do
Uppercase sells durable backpacks and suitcases made with sustainable materials
What happened
Existing investors Accel India and Volrado Venture Partners invested Rs 10 crore each
Why it matters
The company reported Rs 83 crore revenue but widened losses to Rs 35 crore
The details
- Uppercase raised Rs 20 crore in fresh funding from existing investors.
- Accel India and Volrado Venture Partners each invested Rs 10 crore.
- The investment was made at a flat valuation of approximately Rs 534 crore ($57 million).
- Shares were allotted at an issue price of Rs 2,484 per share.
- A total of 80,514 shares were issued to the participating investors.
- The funds will be used to support the company's expansion and growth plans.
- This follows a previous $9 million Series B round raised in August 2024.
- The company maintains a flat valuation despite raising new capital this time.
The bigger picture
- The company operates in a competitive D2C luggage market with several rivals.
- Competitors like Escape Plan and Mokobara have raised significant recent funding.
- Uppercase faces widening financial losses even as it pursues growth strategies.
About the business
- Uppercase is a direct-to-consumer luggage brand headquartered in Mumbai.
- Its legal name is Acefour Accessories.
- The brand sells backpacks, suitcases, and general travel gear.
- Products focus on sustainable materials, durability, and functional design.
- Revenue grew 34% year-over-year to Rs 83 crore in FY25.
- Previous revenue in FY24 was recorded at Rs 62 crore.
- Net losses widened significantly to Rs 35 crore in FY25.
- Cricket star Jasprit Bumrah serves as the brand ambassador since April 2025.
- Bumrah owns a small 0.42% stake in the company.
What happens next
- The company plans to use the funds for expansion and growth.
The deal
- Type
- Fresh Funding
Investors
- Accel India (lead) — Invested Rs 10 crore; holds a post-round stake of 16.23%.
- Volrado Venture Partners (co-lead) — Invested Rs 10 crore; largest external shareholder with 17.68% stake.
Founders
- Sudip Ghose, Co-founder
- Uday Sodhi, Co-founder
- Arnob Mondal, Co-founder
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