Uppercase Raises $9M and Axio Secures $20M in Major Funding Rounds to Drive Expansion and Innovation

Uppercase and Axio Secure Major Funding to Boost Growth and Innovation

Two Indian startups, Uppercase and Axio, have announced significant new funding rounds. Uppercase, a D2C luggage brand, raised $9 million, while fintech startup Axio secured $20 million. Both companies are set to use these funds to scale their operations and drive growth.

Uppercase Raises $9M to Expand Retail Presence

Uppercase, a Mumbai-based luggage brand, raised $9 million in a Series B round led by Accel. The funds will help Uppercase expand its retail presence across India.

• About Uppercase: Founded by Sudip Ghose, Uppercase offers travel gear priced between Rs 3,500 and Rs 5,000. The company plans to add 250 exclusive retail stores over the next three years, adding to its 1,800 multi-brand stores and online channels. Despite a loss of Rs 21 crore in FY23, Uppercase aims to reach Rs 500 crore in revenue by FY25.

Axio Secures $20M from Amazon to Grow Digital Lending

Axio, formerly known as Capital Float, raised $20 million from Amazon’s Smbhav Venture Fund. The funds will help Axio expand its lending services and develop more credit products, especially for small and medium businesses.

• About Axio: Based in Bengaluru, Axio offers loans to around 10 million credit customers, with an annual disbursal of $1 billion. With a total of $137 million in equity and $671 million in debt raised so far, Axio aims to unlock credit access for 200 million customers across India.

Broader Impact

These funding rounds show strong investor confidence in India’s D2C and fintech sectors. Uppercase is set to lead in the travel gear market with a major retail expansion, while Axio is focusing on digital lending for MSMEs. With clear growth plans and strong backing, both companies are well-positioned to drive change in their industries.