India’s evolving consumer aspirations and rising affluence continue to fuel growth across the premium goods spectrum, with the travel luggage sector emerging as a key beneficiary. Riding this wave is Mumbai-based D2C travel luggage brand EUME, which has raised INR 25 crore (~USD 2.92 million) in a high-profile Series A funding round. The round was led by marquee investor Ashish Kacholia, with continued backing from early-stage supporters including Pradeep Rathod (Cello Group) and Prithviraj Kothari (Arvog Financial).
This funding milestone not only reflects investor conviction in EUME’s brand potential but also marks a pivotal point in its transformation from an online-first startup into a formidable omni-channel player in the premium luggage and accessories segment.
Offline Expansion in Metro Markets
The immediate deployment of funds will support EUME’s aggressive offline retail expansion, with three flagship stores set to launch within 45 days in:
- Bengaluru – Mall of Asia
- Mumbai – Oberoi Sky City
- Hyderabad – Sarath City Capital Mall
This foray into high-footfall retail locations is a strategic move to enhance customer engagement and brand visibility. Co-founder Pranay Parekh underscored the importance of this pivot, stating that their in-store price points and curated experience better reflect the premium ethos of the brand.
Heading this retail vision is Maanvi Parekh, whose prior tenure at global luxury giant LVMH in New York brings valuable expertise in experiential retail and design-led merchandising.
Strengthening Brand & Broadening Product Play
Beyond retail, EUME plans to double its product portfolio — expanding beyond travel luggage into vegan handbags, laptop bags, and other accessories — with an emphasis on premiumisation. This aligns with consumer trends that show a rising preference for well-designed, functional, and aesthetically rich travel gear.
Co-founder Naina Parekh highlighted product innovation and aspirational branding as key pillars of EUME’s next growth phase. “We will not compromise on brand appeal under any circumstance. Our focus is to pair next-level convenience with eye-catching design,” she said.
The brand also plans to ramp up marketing, build out its team, and bolster working capital, signaling an all-rounded scaling effort.
Impressive Growth Metrics – With Cautionary Losses
Financially, the startup has shown promising topline growth but is yet to turn profitable. EUME’s operating revenue jumped 34.56% in FY24, from INR 14.29 crore to INR 19.23 crore. However, net losses widened significantly — from INR 80.3 lakh in FY23 to INR 2.04 crore in FY24, a 154% YoY increase.
The widening losses are reflective of the heavy investments in branding, inventory, and market development — typical for consumer startups in the scaling phase — but also signal the need for operational discipline going forward.
Positioning for Market Leadership
Founded in 2018 by the Parekh duo, EUME has steadily built brand recall through event partnerships (Tata Mumbai Marathon, SulaFest) and creative brand initiatives such as integrating art into luggage design. The brand’s aesthetic-forward and function-first narrative seeks to resonate with modern Indian travelers across demographics.
EUME competes in a crowded and growing market, alongside fellow D2C players like Mokobara, Nasher Miles, Assembly, and Uppercase. The Indian luggage and travel accessories market is forecast to reach USD 3.32 billion (~INR 28,377 crore) by 2029, making it a high-stakes battleground for consumer mindshare.
Ashish Kacholia’s repeat investment is telling. “Their mindset, quality and design language is second to none — I believe EUME is a long-term winner in the making,” he noted, echoing sentiments that EUME could evolve into a defining name in India’s premium lifestyle sector.
Conclusion
EUME Series A funding is more than just capital — it’s a vote of confidence in India’s growing demand for expressive, high-quality travel products. With the right mix of design innovation, offline engagement, and strategic branding, the company is positioning itself not just as a product maker but as a premium lifestyle brand.
As competition intensifies and consumers become more discerning, EUME’s ability to deliver on both brand promise and financial sustainability will determine whether it becomes the next big success story in India’s D2C landscape — or just another name in the luggage carousel.
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