Premium luggage maker Eume has raised ₹15 crore in a funding round led by investor Ashish Kacholia.
The funds will be used to streamline operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness. Additionally, part of the funding will enhance offline retail presence and invest in technology.
Founded in 2018, the Mumbai-based brand offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others.
According to all the latest reports, Indians are travelling more than ever before, said the company in its statement. In the first three months of 2024, 97 million passengers travelled through Indian airports. With a growing aspirational consumer segment, increased disposable income, and a global outlook, there is a rising demand for premium products. EUME aims to capitalise on this trend by offering affordable luxury through its innovative and stylish multi-purpose accessories for everyday commuters, jetsetters, and family travellers.
Commenting on the funding announcement, Naina Parekh, Founder of EUME, expressed, “This latest infusion of funding not only strengthens our market position but also demonstrates confidence in India’s growing travel and lifestyle sector. With this support, we will continue innovating and expanding our offerings, setting new benchmarks in the travel luggage and lifestyle sector.”
Ace investor Ashish Kacholia commented on his company’s backing of EUME, stating, “Our investment in EUME reflects our strong confidence in the company’s value proposition of offering stylish, premium products at value prices for today’s discerning consumers. EUME’s highly functional products have earned them a place on the shelves of major retailers, aligning with our strategy of backing promising challenger brands that demonstrate exceptional potential early in their life cycle. With a unique mother/son founding team, we believe in their ability to drive profitable growth and look forward to supporting their journey towards continued success.”
EUME has recently launched a premium travel luggage collection, featuring India’s first 100% aluminium luggage, alongside various other stylish designs with personalisation options. Looking ahead, EUME plans to target major metro areas, as well as Tier-1 and -2 cities. The brand also aims to establish its first flagship store in 2024, marking a significant milestone in its expansion strategy.