Luggage brand EUME raises Rs 15 Cr in new round

EUME, a sustainable and eco-conscious luggage brand, has raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia.

This is the second funding raised by the Mumbai-based startup. In February last year, EUME had raised an undisclosed amount from Mumbai Angels. 

The proceeds will be used to ramp up operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness.

Founded by Naina Parek, the startup offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others. 

Last year, EUME claimed to have clocked a monthly run-rate of Rs 1.8 crore.It targets a revenue of Rs 65-70 crore by the end of FY25. Its sales are split evenly between its own website and marketplaces. The startup also plans to launch its flagship store in Mumbai this year.

Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, EUME also competes with Assembly and Uppercase.