Direct-to-consumer luggage brand Uppercase has raised Rs 20 crore in a fresh funding round led by its existing investors, Accel India and Volrado Venture Partners. The Mumbai-based company secured the capital after a gap of nearly 20 months, signalling continued investor confidence.
As per regulatory filings, the board approved the allotment of 80,514 shares at an issue price of Rs 2,484 per share. Both Accel India and Volrado Venture Partners invested Rs 10 crore each. Despite the fresh infusion, the company’s valuation remains unchanged at around Rs 534 crore, in line with its previous Series B round in August 2024.
Expansion Plans and Business Focus
The newly raised funds will be used to support Uppercase’s expansion and growth. Founded by Sudip Ghose along with Uday Sodhi and Arnob Mondal, the brand focuses on backpacks, suitcases, and travel gear designed with sustainability, durability, and functionality in mind.
The company has been strengthening its market presence in the growing travel and lifestyle segment, targeting modern consumers seeking design-led and eco-conscious products.
Financial Performance and Competition
Uppercase reported a 34% year-on-year growth in operating revenue, reaching Rs 83 crore in FY25 compared to Rs 62 crore in FY24. However, losses widened to Rs 35 crore during the same period, indicating ongoing investment in scaling operations.
Volrado Venture Partners remains the largest external shareholder with a 17.68% stake, followed by Accel India at 16.23%. Cricketer Jasprit Bumrah, who joined as an investor and brand ambassador last year, holds a 0.42%
Uppercase operates in a competitive space alongside brands such as Mokobara, Assembly, Nasher Miles, EUME, and Escape Plan, as the D2C luggage segment continues to attract investor interest.
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