ICON, a burgeoning internet-first direct-to-consumer luggage and travel accessories (LTA) startup, has recently announced a significant milestone. The company has successfully raised $1.2 million in its seed funding round, led by DSG Consumer Partners, with additional investment from a group of angel investors.
The infusion of funds marks a crucial step for ICON as it aims to bolster its presence in the travel accessories market. With plans to expand its product line, grow its team, enhance its distribution network, and drive innovation, the company is poised for rapid growth.
Founded by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON has quickly gained traction with its diverse product portfolio, which includes hard luggage, backpacks, and handbags. The team behind ICON brings with it a valuable experience, as their previous venture, MyFitness, was acquired by Mensa Brands in 2022.
In the wake of the global pandemic, the travel landscape has transformed, with a surge in demand for high-quality travel gear. ICON aims to capitalize on this trend by offering innovative products tailored to meet the evolving needs of modern travellers.
According to industry reports, the Indian tours and travel industry is projected to experience significant growth of 12–15% in fiscal 2025. Additionally, the Indian luggage market, estimated to be worth Rs 20,000 crore, presents a lucrative opportunity for players like ICON. Branded players are expected to capture a substantial portion of this market, about 54%.
With its fresh capital infusion and commitment to innovation, ICON is well-positioned to tap into this growing market and establish itself as a leading player in the travel accessories segment. As travel restrictions ease and wanderlust returns, the company is poised to ride the wave of the post-pandemic travel renaissance, bringing a touch of style and functionality to travellers around the globe.
