Source: Indian Startup News
Mumbai-based travel accessories brand EUME has raised Rs 25 crore (approximately $3 million) in its latest raise from a Series A round of financing, which is an important milestone in its pathway to establish itself in the premium travel accessories market. The round was led by a well-known investor, Ashish Kacholia, who has also previously invested in the brand. Existing investors, Pradeep Rathod of Cello Group and Prithviraj Kothari of Arvog Financial, also participated in this round of financing.
In June 2023, Kacholia previously invested Rs 15 crore ($1.7 million) in EUME, indicating strong confidence in the company and its development plans. While it further develops the working relationship between EUME and Kacholia, it gives EUME the capital it requires to develop its company faster.
Enhancing Operations and Reaching New Customers
EUME intends to utilize the funds recently raised in part to develop its retail footprint, grow its internal operations, build brand equity via marketing, and support its working capital. These actions are intended to further establish EUME as a reputable and recognizable brand for Indian consumers (especially in metro cities).
EUME plans to open three flagship stores in the next 45 days as a first part of this process. The flagship stores will be located at Mall of Asia in Bengaluru, Oberoi Sky City in Mumbai and Sarath City Capital Mall in Hyderabad. By opening these flagship stores in high-footfall locations, the brand can directly connect with its customers and provide them with a tactile experience of the EUME premium product.
Currently, EUME has a wide variety of travel-related products available, including luggage, backpacks, vegan handbags and a myriad of accessories. The company is keen to expand into more premium product categories, and also is looking to expand its corporate gifting option through B2B channels.
Industry growth and future plans
India’s travel accessories sector is rapidly expanding due to an increase in both domestic and international travel, rising income levels and a growing preference for branded luggage amongst travelers. A Crisil report has stated that the Indian luggage sector is expected to grow at a rate of 15% this fiscal year, following a record growth rate of 40% the previous year.
EUME is well-positioned to capitalize on this trend by offering products that resonate with today’s travelers – a combination of design, durability and value. EUME has an increasing number of distinctive products, more retail stores on the way, and solid backing from investors. We see ourselves as key players in India’s premium luggage sector.
Conclusion
The latest funding round from EUME has validated its insights and leadership in an emphatic way. With ambitions of growing quickly and innovation top of mind, the brand is poised to serve the increasing and unmet demand for quality travel accessories that are stylish, and trustworthy in India.
