ICON, a startup specializing in luggage and travel accessories, has secured $1.2 million in seed funding through an internet-first direct-to-consumer approach. DSG Consumer Partners led the funding round, with several angel investors also contributing to the investment.

During a media interview, Mohammad Patel, the CEO of ICON, emphasized that the funds raised would play a crucial role in improving the current product line, growing the company's workforce, strengthening the distribution network, and diversifying the product portfolio.

Patel emphasized the vast opportunities present in the Indian luggage market, referring to recent reports from the industry. With an approximate value of Rs 20,000 crore, the Indian luggage market is expected to experience a strong annual growth rate of 14% in the upcoming three years, followed by a consistent growth rate of 11%.

It is worth mentioning that close to half of this market is still unbranded, offering a substantial opening for ICON to enter and create a strong presence. Additionally, Patel emphasized that 35% of the market belongs to the mass premium segment.

Patel stated that ICON's goal is to take advantage of the unbranded sector in the luggage industry and strengthen its position in the mass premium market.

In the future, ICON has grand aspirations to expand its retail reach. The company aims to open its first physical store by 2025, alongside its existing online platform, in order to enhance its presence with a tangible brick-and-mortar establishment.

ICON has ambitious plans to expand its retail presence in the future. The company aims to open its first physical retail store by 2025, in addition to its online platform, to create a more tangible shopping experience for customers.