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.
The deal marks Bumrah’s first investment in a startup.
Commenting on his investment, Bumrah said in an emailed response to ET’s queries, “It’s the way Uppercase has built something meaningful in a space that’s very cluttered. Their focus on sustainable materials, functionality, and design, and the fact that they’re doing it all out of India — was really impressive.”
He further said, “There’s a lot we are planning to explore, but to keep it simple — I’m bringing in the perspective of someone who’s always on the move. Whether it’s long tours or short trips, I know the small things that make a big difference in a bag. I want the design to be clean, functional, and genuinely useful —especially for people who travel often, like athletes or professionals.”
In August 2024, ET reported that venture capital firm Accel had invested $9 million in Uppercase, nearly doubling the company’s 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. Currently, about 60% of its sales come from offline channels, with the rest generated online, Ghose said.
According to Tracxn, the company reported revenue of Rs 64 crore for 2023-24 with a net loss of Rs 17.6 crore. It is yet to file financials for 2024-25. 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. In 2023, direct-to-consumer brand Mokobara raised $12 million in a funding round led by Peak XV Partners. In March 2024, listed player Safari Industries received a Rs 229 crore investment from consumer and healthcare-focused private equity firm Lighthouse Funds.
On his broader 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.”
