D2C Luggage Maker EUME Bags INR 15 Cr in Pre-Series A Funding Round
- ByStartupStory | June 21, 2024
Mumbai-based direct-to-consumer (D2C) luggage manufacturer EUME has successfully secured INR 15 Cr ($1.7 Mn) in a Pre-Series A funding round, with ace investor Ashish Kacholia leading the investment contributing 80% of the total amount. Kennis Ventures acted as the strategic advisor for the funding round.
EUME, founded in 2018 by Naina and Pranay Parekh, offers a wide array of products including luggage, backpacks, vegan handbags, and accessories. The startup plans to utilize the funds to enhance operational efficiency, expand its workforce, foster innovation, establish an offline retail footprint, invest in cutting-edge technology, and bolster brand visibility through targeted marketing initiatives.
In a statement, Naina Parekh, Co-founder of EUME, expressed confidence in the burgeoning travel and lifestyle sector in India, stating, “This latest infusion of funding not only strengthens our market position but also demonstrates confidence in India’s growing travel and lifestyle sector.”
She further added, “Today’s Tier-II and Tier-III cities are also very well exposed to premium brands. So, to tap into these kinds of aspirational people is a very big expansion goal. Going international is also one of our goals.”
EUME is set to inaugurate its flagship store in Mumbai later this year, marking a significant milestone in its expansion strategy. The startup faces competition from prominent players like Mokobara, Nasher Miles, ICON, and Nasher Miles in the competitive luggage market.
The Indian luggage market, currently valued at $15.05 Bn, is projected to grow at a compound annual growth rate (CAGR) of 5.21% until 2028, underlining the attractiveness of the sector to investors. EUME aims to achieve revenues between INR 65-70 Cr by the end of FY25.
The funding round for EUME follows recent investments in the sector, including ICON’s $1.2 Mn seed funding led by DSG Consumer Partners and Safari Industries (India) securing INR 229 Cr from Lighthouse’s fourth alternative investment fund (AIF).
In March, Mokobara also secured a significant funding of $12 Mn led by Peak XV Partners, elevating the startup’s valuation to $80 Mn.
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