Uppercase receives $9 million investment from Accel for global expansion

August 24, 2024

Category: FASHION ACCESSORIES

Country: India

Region: Asia

By Isabelle Crossley
22nd August, 2024

Luggage and accessories business Uppercase has received a $9 million investment from venture capital firm Accel. The funding injection will fuel Uppercase’s domestic and international retail expansion and has doubled its valuation to total $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 in to create the retail part of our Indian business but also build 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 plans to retail its products across India, the Middle East, and Europe by next year. The Mumbai-based brand aims to launch 10 of its own exclusive brand outlets in Indian cities including Bengaluru, Mumbai, Pune, Kolkata, and Ahmedabad in the coming month to add to its current presence in multi-brand outlets. By March 2025, Uppercase plans to reach an exclusive brand outlet total of 50, ET Retail reported.

The brand manufactures its products in India and prices them in the Rs 3,500 to Rs 5,000 range. The business plans to launch a manufacturing unit in Nashik this calendar year to increase its product capacity and switch from using contract manufacturers to directly managing its own production.