DSG Consumer Partners Leads Investment Round as ICON Aims to Capitalize on Post-Pandemic Travel Boom and Rising Consumer Demand for Premium, Stylish Luggage
Mumbai-based D2C luggage and travel accessories startup ICON has announced the successful closure of a $1.2 million seed funding round. The investment was led by DSG Consumer Partners, with participation from a group of angel investors. The fresh capital will be utilized to expand ICON’s product line, strengthen its distribution network, and fuel its mission to revolutionize the luggage industry in India.
Founded in 2023 by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON caters to the mass premium segment within the Luggage and Travel Accessories (LTA) category. The startup offers a range of high-quality, stylish products, including hard luggage, backpacks, and handbags, designed to meet the evolving needs of modern travelers.
The funding comes at a time when India’s travel industry is witnessing a significant resurgence post-pandemic. “India is at the inflection point, and travel is taking off,” said Mohammad Patel, CEO of ICON. “An increase in consumer expenditure on lifestyle, growing per capita income, and a surge in business and leisure trips are few of the many tailwinds driving this consumption category. We believe that Indian consumers deserve superiorly built products with better aesthetics, design, and utility at an affordable price.”
ICON’s founders are no strangers to success, having previously led the health food startup MyFitness, which was acquired by Mensa Brands in 2022 in one of the year’s largest D2C cash acquisitions. Their experience and expertise position ICON to capitalize on the growing demand for premium, fashionable luggage and travel accessories in India.
Hariharan Premkumar, MD and Head of India at DSG Consumer Partners, expressed confidence in ICON’s potential: “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 manner and had a fantastic cash exit. We are excited to be their Day Zero partner as they set out to build a category-defining brand in the luggage category — a category that is set to explode in India.”
The Indian luggage market is estimated to be worth INR 20,000 crore, with the tours and travel industry poised for a healthy growth of 12-15% in fiscal year 2025. Branded players are expected to account for about 54% of the market, indicating a growing preference for premium, branded products among consumers.
ICON’s entry into the market comes at a time when luggage is no longer viewed as merely a travel necessity, but as a reflection of personal style and values. The startup aims to address the underserved demand for fashionable, high-utility aspirational products, offering superior functionality and design for the modern Indian traveler.
The successful seed funding round positions ICON to disrupt the Indian luggage landscape and capitalize on the immense potential of the post-pandemic travel boom. As the company expands its product offerings and strengthens its market presence, it is poised to become a key player in the rapidly growing D2C luggage and travel accessories space.
