Mumbai-based direct-to-consumer (D2C) travel accessories brand Acefour Accessories on Wednesday said it has secured pre-Series A funding of $7 million (around Rs 54.6 crore) led by Sixth Sense Ventures, with participation from existing investor Volrado Venture Partners.
The company plans to deploy the fresh funds for its working capital, brand and product building.
Founded in 2021 by Sudip Ghose, Uday Sodhi and Arnob Mondal, Acefour operates as a D2C travel accessories brand. The company plans to disrupt India’s $3.5 billion luggage market, wherein the largest player holds 7% share, it said in a statement.
“The fact that Sixth Sense 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,” said Sudip Ghose, co-founder of Acefour.
“The Indian luggage industry has been dormant for too long, waiting to be disrupted. With all incumbents combined holding just around 30% share in the organized segment, the market is highly fragmented, presenting a huge opportunity for Acefour,” said Nikhil Vora, founder and chief executive officer, Sixth Sense Ventures.
Sixth Sense was founded in 2014 by Vora, former managing director and co-head of research at IDFC Securities. The firm’s third consumer-focused venture capital fund has completed 28 investments including Parag Milk, Nobel Hygiene, Fraazo, Open Secret, Stylam, GoodDot and Acefour Accessories, among others.
The post pandemic period in India has witnessed many investors flocking to bet on travel accessories startups.
In April, travel management startup ITILITE Technologies Pvt Ltd has secured Series C funding of $29 million (around Rs 221 crore) led by Tiger Global and Dharana Capital, with participation from existing investors Matrix Partners India and Tenacity Ventures.