Accel invests $9 million in luggage brand Uppercase; valuation doubles to $60 million

Venture capital firm Accel has invested $9 million in Uppercase, nearly doubling the new-age luggage maker’s valuation after the investment to $60 million.

The investment is earmarked for fuelling the brand’s expansion through new retail stores domestically as well as in Europe and the Middle East by next year, cofounder and managing director Sudip Ghose told ET.

ET had reported on May 31 about Accel, an early investor in Flipkart, having discussions to invest in Uppercase, underscoring investor interest in new-age consumer retail brands.