Cricketer Jasprit Bumrah backs luggage startup Uppercase as an investor
Summary
Indian cricketer Jasprit Bumrah has made an equity investment in new-age luggage brand Uppercase, joining a growing list of celebrities looking beyond traditional brand endorsements to make strategic investments.The investment amount and the equity stake held by Bumrah who has been the brand ambassador for the Mumbai-based company since its inception were not disclosed.Uppercase founder and managing director Sudip Ghose told ET that the company will co-create a new product line with Bumrah which will include luggage, backpacks and gym bags designed largely for sportspersons. A portion of the profits from these products will be shared with Bumrah.Commenting on his investment, Bumrah said in an emailed response to ETs queries, Its the way Uppercase has built something meaningful in a space thats very cluttered. Their focus on sustainable materials, functionality, and design, and the fact that theyre doing it all out of India was really impressive.He further said, Theres a lot we are planning to explore, but to keep it simple Im bringing in the perspective of someone whos always on the move. In August 2024 , ET reported that venture capital firm Accel had invested $9 million in Uppercase, nearly doubling the companys valuation to $60 million.Earlier this week, former Indian cricket team captain Virat Kohli ended his Rs 110 crore endorsement deal with German sportswear brand Puma after an eight-year association to join Bengaluru-based sportswear and athleisure brand Agilitas, founded by former Puma India managing director Abhishek Ganguly, according to media reports.An increasing number of cricketers including Sachin Tendulkar, MS Dhoni, Rohit Sharma, Hardik Pandya, Yuvraj Singh and Ajinkya Rahane have turned to equity investments in recent years or have launched their own ventures.Last year, Tendulkar launched a new sports athleisure brand jointly with former Swiggy Instamart head Karthik Gurumurthy.Uppercase, which designs and manufactures all its products in India, will soon begin operations at its own manufacturing facility in Nashik. Ghose said the company aims to break even in the coming year and is also exploring a potential public listing in the future.The luggage sector has seen a rise in interest from venture capital firms.