EUME has raised the funding in its Series A round led by ace investor Ashish Kacholia
The Mumbai-based startup will deploy funds to boost its offline presence by opening retail stores in Mumbai, Hyderabad and Bengaluru
According to Tofler, the startup’s operating revenue grew 34.56% to INR 19.23 Cr in FY24 from INR 14.29 Cr in the year ago period. However, the startup’s net loss for the period under review sharply increased 154% YoY to INR 2.04 Cr
Mumbai-based luggage D2C brand Eume has raised INR 25 Cr ($2.92 Mn) in a Series A funding round led by ace investor Ashish Kacholia, with participation from other existing investors.
With the fresh infusion, the startup plans to expand its offline presence by targeting major metro cities.
EUME said in a statement that it plans to open new stores in Bengaluru’s Mall of Asia, the Oberoi Sky City mall in Mumbai and the Sarath City mall in Hyderabad over the next 45 days.
Besides, the startup is also looking to double down on boosting its product portfolio with a focus on “premiumisation.”
Founded in 2018 by Naina Parekh and Pranay Parekh, EUME sells luggage bags for travellers and commuters. The startup’s product portfolio also includes vegan handbags, laptop bags and other travel and office accessories.
The development comes almost a year after the startup raised INR 15 Cr in its Pre-Series A funding round led by Kacholia.
According to the Tofler, EUME’s standalone operating revenue jumped 34.56% to INR 19.23 Cr in the financial year ended March 31, 2024 (FY24) from INR 14.29 Cr in the year ago period. However, the startup’s net loss for the period under review sharply increased by 154% to INR 2.04 Cr from INR 80.30 Lakh in FY23.
Prior to this round, the startup had raised $2.5 Mn in total funding, according to Inc42’s datalabs.
EUME competes with the likes of Mokobara, Nasher Miles, Assembly and Uppercase in the D2C luggage and travel accessories space to grab its share in India’s luggage and backpack market which is poised to become a $3.32 Bn opportunity by 2029.
The D2C segment has been the favorite for Indian investors. Last year, D2C startups in India bagged $840 Mn in total fundingwhich accounted for about 55% of the total funding in the ecommerce sector.
