Uppercase, a luggage and accessories startup, has secured a $9 million investment from venture capital firm Accel. Uppercase’s local and international retail expansion will benefit from the cash injection, which has doubled the company’s valuation to $60 million.
“The idea is not to create another brand in India, but a global brand, and the investment that is coming in now would primarily go into creating the retail part of our Indian business, but also building the back-end supply chain for us to have a global footprint,” Uppercase’s co-founder and managing director Sudip Ghose told the Economic Times.
Uppercase intends to sell its products in India, the Middle East, and Europe by next year. The Mumbai-based firm plans to open ten exclusive brand locations in Indian cities such as Bengaluru, Mumbai, Pune, Kolkata, and Ahmedabad in the coming month, adding to its multi-brand presence. Uppercase intends to expand to 50 exclusive brand outlets by March 2025, according to ET Retail.
The brand manufactures its products in India, charging Rs 3,500 and Rs 5,000. The company intends to open a Nashik manufacturing facility this year to enhance product capacity and transition from contract manufacturing to direct production management.
