EUME, a Mumbai-based luggage brand known for its sustainable and eco-conscious products, has successfully raised Rs 15 crore ($1.7 million) in a new funding round led by prominent investor Ashish Kacholia. This marks the second significant round of funding for EUME, following an undisclosed investment from Mumbai Angels in February of the previous year.
The fresh capital infusion will be strategically deployed to enhance EUME’s operational capabilities, expand its team, foster innovation, establish a robust offline retail presence, invest in cutting-edge technology, and boost brand awareness. Founded by Naina Parekh, EUME has built a diverse product lineup that includes luggage, backpacks, vegan handbags, and accessories.
EUME reported a monthly run-rate of Rs 1.8 crore last year and aims to achieve a revenue target of Rs 65-70 crore by the end of FY25. The brand’s sales are evenly distributed between its own website and various online marketplaces. Additionally, EUME plans to inaugurate its flagship store in Mumbai within the year.
This funding round places EUME in a competitive landscape, where it will continue to vie for market share against other prominent luggage brands such as Mokobara, which recently raised $12 million in a Series B round led by Peak XV Partners, as well as Assembly and Uppercase.
