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ICON secures USD 1.2 million in seed funding to transform the luggage market in India

Funding Alert

ICON, an innovative direct-to-consumer luggage and travel accessories startup, has successfully closed a $1.2 million seed funding round led by DSG Consumer Partners with additional contributions from several angel investors. This funding boost is set to further ICON’s mission to dominate the luggage industry in India by enhancing its product offering, expanding its team and strengthening its distribution channels.

The investment underscores ICON’s commitment to the mass premium segment of the Luggage and Travel Accessories (LTA) category, offering a range of products including hard luggage, backpacks and handbags designed to meet the needs of the modern traveller. With this new capital, ICON wants to innovate and expand its product range.

Mohammad Patel, CEO of ICON, expressed his excitement about the market opportunities: “India is at an inflection point and travel is taking off. Travel has bounced back in the wake of COVID, and with it, consumer spending on travel-related consumer goods purchases. An increase in consumer lifestyle spending, rising per capita income and an increase in business and leisure travel are just a few of the many tailwinds driving this consumer category. We believe that Indian consumers deserve well-crafted products with better aesthetics, design and utility at an affordable price. We see a clear opportunity to create products of superior quality, design and functionality, and we are very excited about this opportunity.”

ICON was founded by Mohammad Patel, Poojan Shah, Fazal Lakhani and Aakash Mehta, all seasoned entrepreneurs who previously led health food startup MyFitness to the successful acquisition of Mensa Brands in 2022. Faced with an unmet need in the LTA market, they are now looking to redefine the Indian fitness space. luggage using high-quality, stylish and durable ICON products.

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Hariharan Premkumar, MD and Head of India at DSG Consumer Partners reiterated his support for ICON’s vision: “We have been in touch with Mohammad and the team since their MyFitness days. They built a category-defining brand in an extremely capital-efficient way and had a fantastic cash exit. We are thrilled to be their Day Zero partner as they set out to build a category-defining brand in the luggage category – a category that is exploding in India. India is set to become the world’s 4th largest travel spender by 2030. Domestic and international tourism will boom in the coming decades. The growing demand for fashionable aspirational products with high utility value is insufficient. We are excited to partner with Team ICON to address this gap by offering fashionable products with superior functionality for the modern Indian traveller.”

Carefully designed to withstand the demands of travel, ICON’s products include innovative features such as trolleys with wide handles, smart bags equipped with power bank slots and Bluetooth-enabled trackers, made from premium global materials.

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