ICON, a D2C luggage and travel accessories startup, has secured $1.2 million (around INR 10 crore) in seed funding. Led by DSG Consumer Partners, with participation from a group of angel investors, this funding marks a significant milestone for the company.
The startup plans to utilize the funding for expanding its product line, growing its team, and strengthening its distribution network.
Established in 2023 by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON operates as an internet-first direct-to-consumer brand. It serves the mass premium segment within the luggage and travel accessories industry, offering a diverse product range including hard luggage, backpacks, and handbags.
Speaking about the ecosystem and its growth prospects, cofounder and CEO Patel remarked, “The rise in consumer spending on lifestyle, rising per capita income, and the uptick in both business and leisure travel are among the several factors propelling this consumption category.”
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Similar to its counterparts in the industry, ICON seeks to seize the opportunities presented by the post-pandemic surge in travel and tourism. It asserts that this sector is set for robust growth, projecting a range of 12%–15% in fiscal year 2025, while the Indian luggage market is estimated to reach a market size of INR 20,000 crore.
Hariharan Premkumar, MD and Head of India at DSG Consumer Partners, stated, “By 2030, India is poised to rank as the world’s fourth-largest spender in travel. Both domestic and international tourism are expected to experience significant growth in the forthcoming decades. The escalating demand for stylish, practical, aspirational products remains largely unmet.”
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As a newcomer in the luggage and travel accessories sector, ICON contends not only with emerging brands like Nasher Miles, Mokobara, Acefour, and Wildcraft, but also with established global players such as VIP, American Tourister, Safari, and others.
Investors have demonstrated significant interest in both sectors. Safari, one of ICON’s competitors, recently secured $27 million in funding from Lighthouse Canton. Additionally, in February, Mokobara secured $12 million in funding led by Peak XV Ventures.
Continue Exploring: Safari Industries raises INR 229 Crore in funding from Lighthouse’s AIF, eyes expansion in Indian luggage market
