Bengaluru's D2C luggage brand Mokobara raises $12M in a Series B funding round

Mokobara, a Bengaluru-based direct-to-consumer (D2C) luggage brand, has raised $12 million in a Series B funding round led by Peak XV Partners, formerly Sequoia Capital India. 

The funding round also saw participation from existing investors Sauce VC and Saama Capital. The round takes the startup's post-money valuation to $80 million.

Mokobara growth

Peak XV Partners led the round with an approximately $9.4 million investment. The round brings Mokobara's all-time raise to $20 million since its inception in 2020 by Sangeet Agrawal and Navin Parwal, both former executives at Urban Ladder. 

The startup reported a fourfold increase in operating revenue in FY23, reaching Rs 53 crore. However, it also saw its losses widen by 78% to Rs 8 crore in the same period.

Expanding the business operations 

Mokobara plans to use the raised capital to expand its business further, aiming to tap into more customers in key markets such as Bengaluru, Delhi, Mumbai, and others. 

The brand, which competes in the mid-premium segment against both established players like American Tourister and emerging startups, also looks to increase its offline presence by opening additional stores. It has already established multiple retail locations across major Indian cities.

Offering travel accessories 

Mokobara has quickly risen through the ranks to carve out a niche in the direct-to-consumer luggage space. The brand offers travellers a blend of style, functionality, and durability through its range of luggage and travel accessories.

The funding round comes at a time when investor interest is pivoting towards consumer brands, driven by the robust consumption story of India. The luggage market, in particular, is on an upward trajectory, buoyed by the resurgence of travel and tourism. 

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