Companies Economy Live April 23, 2025 0 Comments

Luggage brand Uppercase to set up manufacturing facility in Nashik, aims for ₹200 cr ARR

Sudip Ghose, co-founder and managing director, Uppercase

As India’s travel picks up post-pandemic, so does demand for smart, sustainable gear. Riding this wave is Uppercase which is setting up its hard luggage factory in Nashik, co-founder and managing director Sudip Ghose told businessline.

“With our growth, we are setting up our own hard luggage factory in Nasik, which will be fully owned and is expected to become operational next month,” said Ghose.

The Mumbai-based company differentiates itself from others in its approach to making its products. It manufactures hard-backed polycarbonate luggage using a combination of virgin polycarbonate and recycled polycarbonate.

Uppercase’s soft luggage line is made from yarn spun out of recycled plastic, sourced through a GRS-certified supply chain. Though these sustainable inputs cost up to 30 per cent more than virgin materials, the company remains committed to the environmental upside.

The company is expanding its exclusive retail footprint from 17 to nearly 70 stores, doubling down on omnichannel sales, and targeting an annual recurring revenue (ARR) of over ₹200 crore by the end of this financial year — up from ₹120 crore currently. Its offline reach also includes a network of 32 distributors and close to 2,900 retailers across India. About 60 per cent of Uppercase’s sales currently come from offline channels, with the remaining generated online.

“At present, our annual ARR stands at approximately ₹120 crores, and we are targeting to reach an ARR of ₹200+ crore by this financial year,” he added.

The company is targeting to break even by FY28.

“Our gross margins are around 50 per cent and while current brand building investments eat up a good chunk, we expect to manage healthy margins giving us a solid room to operate,” Ghose noted.

While many D2C brands lean heavily on discounts for online sales, Uppercase has taken a differentiated approach. Instead of selling to e-commerce platforms, it sells on them — maintaining direct control over pricing and promotions.

“We know that pushing discounts could boost volume by 15–30 per cent, but we’re building a sustainable business. Control over pricing ensures our margins remain healthy,” adds Ghose.

The company recently raised $9 million and is considering one final round before heading to an IPO.

“We may consider a final funding round next year as part of our plans before heading for an IPO. For now, our focus remains on building a strong, ethically grounded business with healthy margins and exceptional products,” he said.

Adding to its strategic depth, Uppercase recently brought Indian cricketer Jasprit Bumrah on board — not just as a brand ambassador but as a strategic partner and investor.

“Jasprit isn’t just endorsing the brand — he’s shaping it,” Ghose notes. “His feedback on what athletes actually need in gear has influenced our product design in a very real way.”

The company is betting on offline expansion, appealing product design and its sustainable approach to drive its growth as it tries to take on both established players and new entrants.