Indian cricketer Jasprit Bumrah has taken an equity stake in the pioneering luggage brand Uppercase, following the trend of increasing numbers of celebrities who are moving away from run-of-the-mill endorsements towards making strategic investments. The size of the specific investment and the equity stake held by Bumrah in the Mumbai-based company, where he has been a brand ambassador since its inception, have not been revealed.

Uppercase's managing director and founder Sudip Ghose told ET that the firm will work in partnership with Bumrah to develop a new line of products that will include bags, backpacks, and gym bags customized mainly for sportspersons. Part of the revenue generated from the sale of these products will go to Bumrah.

In a email reply to ET's questions, Bumrah said, "It's the way Uppercase has created something of substance in an area that's highly crowded. Their attention to sustainable materials, functionality, and aesthetics, and the fact that they're achieving all this from India  was truly impressive.

He went on to say, "There's a lot that we're going to investigate, but to keep it simple   I'm introducing the eye of someone who's always traveling. Whether it's extended tours or quick trips, I know the little things that make a huge difference in a bag. I want the design to be clean, functional, and actually useful particularly for individuals who travel frequently, such as athletes or professionals."

In August 2024, ET said that venture capital fund Accel had invested $9 million in Uppercase, almost doubling the firm's valuation to $60 million.

Earlier this week, former Indian cricket captain Virat Kohli terminated his $110 crore endorsement contract with German sportswear brand Puma following an eight-year partnership to sign up with Bengaluru based sportswear and athleisure brand Agilitas, started by ex-Puma India managing director Abhishek Ganguly, according to reports.

More and more cricketers like Sachin Tendulkar, MS Dhoni, Rohit Sharma, Hardik Pandya, Yuvraj Singh, and Ajinkya Rahane have joined the world of equity investment over the last few years or even started their own ventures. In the last year, Tendulkar unveiled a new sporting athleisure brand alongside erstwhile Swiggy Instamart boss Karthik Gurumurthy.

Uppercase, which designs and manufactures all its products in India, is ready to commence operations at its own factory in Nashik. Offline channels generate about 60% of its sales currently, with the rest coming from online sales, Ghose added.

As per Tracxn, the company has reported 2023-24 revenue of $64 crore and a net loss of $17.6 crore. It hasn't yet reported financials for 2024-25. Ghose informed that the company is planning to break even next year and also contemplating a possible public listing in the future.

The luggage industry has seen more attention from venture capital companies. In 2023, direct-to-consumer brand Mokobara raised $12 million in a Peak XV Partners-led funding round. In March 2024, listed player Safari Industries received a $229 crore investment from consumer and healthcare focused private equity firm Lighthouse Funds.

On his general investment philosophy, Bumrah said, "I am looking to invest in companies that I feel I can add value to and bring my perspective to product development. I am not looking at specific sectors because impact on society can be found if we find it in the right place, and that's what I am looking for in companies to invest in."

Read More News :

Top 5 AI Startups Shaping the Future of Technology in India

Top 10 Innovative Architecture Startups in South India