D2C luggage and travel accessories startup ICON has announced a $1.2 Mn (approx INR 10 Cr) seed funding led by DSG Consumer Partners with participation from a clutch of angel investors.
The startup said that the funding will be used for adding to the product line, expanding its team, and strengthening its distribution network.
Founded in 2023 by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON is an internet-first D2C brand, and caters to the mass premium segment in the luggage and travel accessories category through its product portfolio of hard luggage, backpacks, and handbags.
Commenting on the ecosystem and its growth potential, cofounder and CEO Patel said, “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..”
Like many of its competitors in the space, ICON aims to capitalise on the post-pandemic boom in the travel and tourism space. It claimed that this industry is poised for a healthy growth of 12%–15% in fiscal year 2025, and the Indian luggage market is estimated to have a market size of INR 20,000 Cr.
“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,” said Hariharan Premkumar, MD and Head of India at DSG Consumer Partners.
As a startup in the luggage and travel accessories space, ICON not only competes with new-age brands such as Nasher Miles, Mokobara, Acefour, Wildcraft, but also with global players such as VIP, American Tourister, Safari, among others.
Investors have shown plenty of interest in both categories. Among ICON’s competitors, Safari recently secured $27 Mn from Lighthouse Canton. And earlier in February, Mokobara secured $12 Mn funding led by Peak XV Ventures.
