ICON raises $1.2mn in seed funding led by DSG Consumer Partners
Summary
The round was led by DSG Consumer Partners with participation by a host of angel investors.ICON caters to the mass premium segment in the LTA category through its product portfolio, which consists of hard luggage, backpacks, and handbags. We see a clear opportunity to build products with superior quality, design and functionality and are very excited about the opportunity, Patel added.ICON is helmed by seasoned entrepreneurs Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta who have witnessed considerable success in their previous venture, health food startup MyFitness.Noting critical gaps in the LTA category, the founder quartet set their sights on leading the Indian luggage revolution through ICON, whose ICONic product line combines style, functionality, and durability to meet the evolving needs of the modern fashion-conscious traveller.Hariharan Premkumar, MD and Head of India at DSG Consumer Partners, said, We have been in touch with Mohammad and the team since their MyFitness days. Domestic and international tourism will boom in the coming decades The growing demand for fashionable, high-utility aspirational products is underserved. Key features that set apart ICONs products include its innovative wide-handle trolley, smart bags equipped with power bank slots and bluetooth-enabled trackers, and the use of premium materials such as unbreakable hardshell from Germany, super silent 360 wheels from USA, and YKK zippers.Through innovative products, ICON aims to capitalise on the post-pandemic travel renaissance, which is driving a luggage revolution. The rising middle class, shift in attitudes towards travelling, and a growing inclination towards discretionary spending have transformed luggage into lifestyle products.