Eco-Conscious Luggage Brand EUME Secures Rs 15 Crore in Funding

Preeti Bali / 10:13 am / June 24, 2024

EUME, a Mumbai-based luggage brand known for its commitment to sustainability and eco-friendly practices, has secured Rs 15 crore (approximately $1.7 million) in a new funding round. This investment, led by Ashish Kacholia, marks the second round of funding for the young company.

The fresh infusion of capital will be used to fuel EUME’s growth across various areas. The company plans to streamline internal operations, expand its workforce, and prioritize product innovation. Additionally, EUME aims to establish a physical retail presence, invest in technological advancements, and heighten brand awareness initiatives.

A Diverse Product Portfolio and Ambitious Goals

Founded by Naina Parek, EUME offers a comprehensive product line encompassing luggage, backpacks, vegan handbags, and a variety of travel accessories. The company reported a monthly run rate of Rs 1.8 crore in 2023 and is targeting a revenue range of Rs 65-70 crore by the end of FY25. Currently, EUME’s sales are split evenly between its own e-commerce platform and online marketplaces. A flagship retail store launch in Mumbai is also planned for later this year.

Competitive Landscape and Future Outlook

Earlier in 2024, luggage brand Mokobara secured $12 million in a Series B funding round, highlighting the growing investor interest in the luggage industry. EUME faces competition from established players like Mokobara, Assembly, and Uppercase. However, with its focus on sustainability and a well-defined growth strategy, EUME is poised to carve out a strong niche within the market.

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