Eco-Conscious Lifestyle And Luggage Brand EUME Secures Undisclosed Amount The brand will use 50% of the new capital for bolstering its marketing efforts, 30% for its working capital, and 20% for team building and enhancing IT infrastructure
By Teena Jose
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A sustainable and eco-conscious luggage brand EUME has raised undisclosed amount from Mumbai Angels, a premier platform for private investments along with other investors. The startup focuses on designing multi-purpose everyday accessories with useful innovation for the everyday commuter, jetsetter and family traveler with the core belief in 'Doing the Undone' in the luggage and accessories industry. The brand will use 50% of the new capital for bolstering its marketing efforts, 30% for its working capital, and 20% for team building and enhancing IT infrastructure, according to an official statement by the company.
"EUME focuses on building trustworthy relations, where you can rely on our brand without worrying about it. EUME's goal is to give customers the best quality products at affordable pricing. All our products are made in India, and the latest collections are made using 100% vegan leather. As a brand, we want to be aware of our community and their likes and dislikes and ensure our product speaks the same language as the situation around us," said Naina Parekh, co-founder of EUME
With patents issued in India and the USA, EUME has a PCT filed worldwide and has appeared on popular shows like Shark Tank India and Good Morning America. The brand has grown almost 50% as compared to last year and aims to achieve a growth of 25% M-o-M post the closure of the latest funding round. EUME currently clocks a monthly run-rate of INR 1.8 crore, claimed by the company in the statement.
"Sustainability in all aspects is the crux of the continued survival of our planet and humankind. Unfortunately, the fashion and accessories industry is one of the biggest contributors to global warming and climate change. EUME is on a quest to change this by creating eco-friendly, vegan bags that are functional and stylish. The brand has also been incredibly capital efficient. We are confident that our funding, combined with its immense potential, constant innovation, digital-first approach, eco-consciousness, and customer-centricity, will help EUME grow further," said Nandini Mansinghka, CEO of Mumbai Angels
