The business stated that the cash will be used to add to the product line, expand the workforce, and strengthen its distribution network. ICON, an internet-first company catering to the mass premium category, was founded in 2023 by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta. Aside from ICON, luggage brands such as Safari and Mokobara have won huge rounds in recent months during the post-pandemic growth in the travel industry.
D2C luggage and travel accessories startup ICON has announced a $1.2 million (approx. INR 10 crore) seed investment round led by the DSG Consumer Partners, with participation from a number of angel investors.
The business stated that the funds will be used to expand the product portfolio, grow its personnel, and develop its distribution network.
ICON, founded in 2023 by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, is an internet-first D2C brand that serves to the mass premium segment of the luggage and travel accessories category with its product line of hard luggage, backpacks, and handbags.
Commenting on the ecosystem and its development potential, cofounder and CEO Patel stated, “An increase in consumer spending on lifestyle, rising per capita income, and an increase in business and the leisure trips are just a few of the many tailwinds driving this consumption category.”
ICON, like many of its competitors, intends to benefit from the post-pandemic boom in the travel and tourist sectors. It claimed that this business is primed for 12%-15% growth in the fiscal year 2025, with the Indian baggage market expected to be worth INR 20,000 Cr.
“India is expected to become the fourth-largest global travel spender by 2030. Domestic and international tourism will experience the significant growth in the coming decades. The growing desire for attractive, high-utility aspirational items is being neglected,” stated Hariharan Premkumar, MD and Head of India at DSG Consumer Partners.
As a company in the luggage and travel accessories industry, ICON competes not just with emerging companies like Nasher Miles, Mokobara, Acefour, and Wildcraft, but also with major players like VIP, Aristocrat, American Tourister, and Safari, among others.
Investors have shown a lot of interest in both groups. Among ICON’s competitors, Safari just raised $27 million from Lighthouse Canton. Mokobara also received $12 million in fundraising earlier in February, led by Peak XV Ventures.
