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  • Tuesday, May, 2024| Today's Market | Current Time: 01:56:14
  • Luggage and travel accessories startup ICON picks up USD 1.2 Mn in seed funding from DSG Consumer Partners, others

    Published on May 7, 2024

     Mumbai : ICON, a premier internet-first direct-to-consumer luggage and travel accessories (LTA) startup, has secured USD 1.2 million in seed funding. The round was led by DSG Consumer Partners with participation by a host of angel investors.

    ICON caters to the mass premium segment in the LTA category through its product portfolio, which consists of hard luggage, backpacks, and handbags. The fresh capital will be used to augment ICON’s existing product line, expand its team, strengthen its distribution network, and boost its innovative portfolio.

    Commenting on the same, Mohammad Patel, CEO, ICON, said, “India is at the inflection point, and travel is taking off. Travel has bounced back post the COVID drawdown and, along with it, consumer spending on travel-related consumer goods purchases. An increase in consumer expenditure on lifestyle, growing per capita income, and a surge in business and leisure trips are few of the many tailwinds driving this consumption category. We believe that Indian consumers deserve superiorly built products with better aesthetics, design, and utility at an affordable price. We see a clear opportunity to build products with superior quality, design and functionality and are very excited about the opportunity.”

    ICON is helmed by seasoned entrepreneurs – Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta – who have witnessed considerable success in their previous venture, health food startup MyFitness. The startup was acquired by Mensa Brands in 2022, the year’s largest D2C cash acquisition (read here). Noting critical gaps in the LTA category, the founder quartet set their sights on leading the Indian luggage revolution through ICON, whose “ICONic” product line combines style, functionality, and durability to meet the evolving needs of the modern fashion-conscious traveller.

    “We have been in touch with Mohammad and the team since their MyFitness days. They built a category-defining brand in an extremely capital-efficient manner and had a fantastic cash exit. We are excited to be their Day Zero partner as they set out to build a category-defining brand in the luggage category – a category that is set to explode in India.  India is set to become the 4th-largest global spender in travel by 2030. Domestic and international tourism will boom in the coming decades The growing demand for fashionable, high-utility aspirational products is underserved. We are excited to partner with Team ICON to address this gap by offering fashionable products with superior functionality for the modern Indian traveller,” said Hariharan Premkumar, MD and Head of India at DSG Consumer Partners.

    Each ICON product is meticulously crafted to withstand the rigours of travel. Key features that set apart ICON’s products include its innovative wide-handle trolley, smart bags equipped with power bank slots and bluetooth-enabled trackers, and the use of premium materials such as unbreakable hardshell from Germany, super silent 360 wheels from USA, and YKK zippers.

    Through innovative products, ICON aims to capitalise on the post-pandemic travel renaissance, which is driving a luggage revolution. The Indian tours and travel industry is poised for a healthy growth of 12–15% in fiscal 2025, and the Indian luggage market is estimated to be ₹20,000 crore. Branded players are expected to make up about 54% of the market. This indicates a shift towards sectoral organisation and a growing preference for branded products among consumers. The rising middle class, shift in attitudes towards travelling, and a growing inclination towards discretionary spending have transformed luggage into lifestyle products. Luggage is no longer a travel necessity but a reflection of travellers’ personal style and values.

    ICON aims to be the trailblazers of this digital age and transform travel, both global and local, making it chic, stylish, fun and efficient. It is here that technology meets travel

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