ICON, an internet-centric startup focusing on direct-to-consumer luggage and travel accessories (LTA), has successfully raised $1.2 million in its seed funding round. DSG Consumer Partners led the investment, with support from a group of angel investors.
The funding will enable ICON to enhance its current product range, expand its team, reinforce its distribution channels, and further develop its innovative lineup.
Co-founded by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON offers a diverse product portfolio including hard luggage, backpacks, and handbags.
The team’s prior venture, MyFitness, was acquired by Mensa Brands in 2022. Building on this experience, ICON is strategically positioned to leverage the growing demand for travel-related products amidst the post-pandemic travel resurgence.
Industry insights suggest a promising outlook for the Indian tours and travel sector, with an anticipated growth rate of 12–15% by fiscal 2025. Additionally, the Indian luggage market, valued at approximately Rs 20,000 crore, is expected to see substantial contributions from branded players, accounting for about 54% of the market share.
