D2C Brand Acefour Raises $7 Mn To Disrupt India’s Luggage Market
- ByStartupStory | July 6, 2022
Acefour Accessories, a startup that makes travel accessories, has raised $7 million in a pre-Series A round of funding led by Sixth Sense India Opportunities III, the company’s most recent fund. Volrado Venture Partners, an existing investor in Acefour, also participated in the round. Just before the debut of Acefour’s product line, a fundraiser is being held. The new cash will be used by the firm to build its working capital, brand, and product.
According to a statement from Acefour, the D2C firm wants to position itself as a modern, sustainable brand that combines fashion and function. It does this through its brand Uppercase.
Sudip Ghose, Uday Sodhi, and Arnob Mondal launched Acefour in 2021 with the goal of disrupting the $3.5 billion Indian luggage business, which they claim is severely fragmented. Ghose has held executive positions in the travel equipment sector for about 20 years. He served as VIP Industries’ previous CEO and MD as well as Samsonite India’s former executive director.
“For too long, the Indian luggage market has lain dormant, ready to be upended. The sector is very fragmented, creating a big opportunity for Acefour because the combined market share of all incumbents in the organised segment is only about 30%,” according to Nikhil Vora, founder and CEO of Sixth Sense Ventures.
Acefour raised $1.5 million in a seed funding round headed by Enam Holdings in March of this year. D2C businesses are expanding quickly across all market segments in the nation, with names like Blue Tokai, Mamaearth, SUGAR Cosmetics, The Whole Truth, and boAt becoming well-known household names. Brands raised $1.4 Billion across 160+ investment deals in 2021, an unheard-of funding boom for the direct-to-consumer sector.
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