Sunday, July 14, 2024

EUME Raises Rs 15 Crore in Funding Led by Ashish Kacholia, Full Details Here

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Premium luggage brand EUME has secured Rs 15 crore in a pre-Series A funding round. This round was led by Ashish Kacholia of Lucky Investment Managers, who contributed 80% of the total investment. Kennis Ventures acted as the strategic advisor for this funding round.

Vision and Purpose of Fundraising

Naina Parekh, co-founder of EUME, shared the brand’s vision: “Our vision for EUME goes beyond merely being a brand; we aim to be a household name synonymous with top-notch quality, flawless design, affordability, and style. The goal has always been to create a holistic travel ecosystem with our range of travel luggage, backpacks, and accessories, all crafted with a focus on excellence.”

The funds raised will be used to streamline operations, expand the team, drive innovation, build an offline retail presence, invest in technology, and enhance brand awareness. Parekh added, “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.”

About EUME Journey

Founded in 2018 by Naina Parekh and Pranay Parekh, EUME is renowned for its versatile product range, including the world’s first Massager Backpack. The brand recently launched a premium travel luggage collection and is targeting major metro areas, as well as Tier 1 and Tier 2 cities. EUME plans to open its first flagship store in Mumbai in 2024. Additionally, the brand aims to achieve a revenue target of Rs 65-70 crore by the end of FY25.

Investor Confidence

Ashish Kacholia expressed his support for EUME, stating, “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.”

This substantial investment marks a significant step for EUME, as it continues to grow and innovate in the travel luggage and accessories market. The brand’s commitment to quality and design, along with strong investor backing, positions EUME for a promising future in the industry.

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