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D2C Brand Acefour Accessories Raises $7 Mn In Pre-revenue Phase
Acefour is also planning to disrupt India’s USD 3.5 billion luggage market which is highly fragmented, wherein the largest player holds a 7 per cent share
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Travel accessories company, Acefour Accessories has become one of the first D2C brands in the country to raise USD 7 million in the pre-revenue phase, the company said in an official statement.
The pre-Series A round was led by Nikhil Vora led Sixth Sense Ventures through its current fund Sixth Sense India Opportunities III, which also saw participation from existing investor, Volrado Venture Partners (sponsored by Akash Bhanshali, Enam Holdings).
Acefour is also planning to disrupt India’s USD 3.5 billion luggage market which is highly fragmented, wherein the largest player holds a 7 per cent share.
The D2C company, through its new-age brand, Uppercase is targeting to establish itself as a fresh, contemporary, sustainable brand that is high on both fashion as well as function.
Sudip Ghose, Spokesperson, Founder, Acefour, said, “We are glad to have Sixth Sense on board in our journey towards a sustainable travel accessories segment. The fact that Nikhil is known for choosing winners boosts our confidence. It reiterates that we are on the right path where we want to make travel a sustainable experience with products that save nature.”
Ghose added that we are equally pleased with Akash’s decision to continue believing our story and commitment by more than doubling his investment. It’s a massive win and an enormous responsibility for us to prove his steadfast belief in us.
Nikhil Vora, Founder and CEO, Sixth Sense Ventures said, “The Indian luggage industry has been dormant for too long, waiting to be disrupted. With all incumbents combined holding just around 30 per cent share in the organized segment, the market is highly fragmented, presenting a huge opportunity for Acefour."
Vora also said that new-age consumers are looking for conscious yet affordable brands where utility and fashion integrate seamlessly – presenting large whitespace for Uppercase to establish itself as the go-to luggage brand for new-age consumers. Super excited to partner with one of the pioneers of the industry, Sudip to build Acefour into a leading travel accessories company.
Akash Bhanshali, Director, Enam Holdings, said, “The organized luggage industry is just one-third of the total market. This itself presents a great opportunity to invest in this category, hence, we had led the seed round. When the team came back and presented their products and their growth vision, we felt confident to more than double our investment in this round."
They have a very compelling value proposition and product. I am convinced the consumers will connect with it. A new age brand to challenge the status quo in the luggage industry is here. I wish Sudip and Arnob all the very best. They have the product, design and team to make this a huge success, Bhanshali said.