Sudip Ghose-led Acefour Accessories raises $7 million in pre-revenue phase
Pre-Series A round was led by Nikhil Vora-headed Sixth Sense Ventures through its current fund Sixth Sense India Opportunities III
Founded by luggage industry pioneer Sudip Ghose, travel accessories company Acefour Accessories has become one of the first D2C brands in the country to raise $7 million in the pre-revenue phase. Pre-Series A round was led by Nikhil Vora-headed Sixth Sense Ventures through its current fund Sixth Sense India Opportunities III, and it also saw participation from existing investor, Volrado Venture Partners (sponsored by Akash Bhanshali, Enam Holdings).
Ghose’s success in building brands and companies over the years has attracted investors at a pre-money stage enabling Acefour Accessories to raise this amount before the launch of its out-of-the-ordinary product range. The company managed to be the choice of the investors because of its right proposition. It will deploy the investment towards working capital, brand and product building. Along with co-founders Uday Sodhi and Arnob Mondal, Ghose is supported by a strong management team comprising industry leaders across e-commerce, design and operations. They will also benefit from smart minds like Sixth Sense Ventures’ Nikhil Vora, Akash Bhanshali, Enam Holdings and its list of angel investors.
Acefour plans to disrupt India’s $3.5B highly fragmented luggage market wherein the largest player holds 7 per cent share. It hasn’t seen any action from incumbents in decades. The D2C company, through its new-age brand Uppercase, is targetting to establish itself as a fresh, contemporary and sustainable brand that is high on both fashion as well as function.
Talking about the funding and future plans, 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.”
“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,” Ghose added.
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 organised segment, the market is highly fragmented, presenting a huge opportunity for Acefour. New-age consumers are looking for conscious yet affordable brands where utility and fashion integrate seamlessly – presenting a 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.”
“The organised 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,” said Akash Bhanshali, Director, Enam Holdings.
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