Internet-first direct-to-consumer luggage brand Mokobara has secured $12 million (Rs 100 crore) in a funding round led by Peak XV Partners (formerly Sequoia Capital India) at a valuation of $80 million post-money.
Existing backers like Sauce VC and Saama Capital also joined the Series B funding round. Bengaluru-based Mokobara disclosed this information in regulatory filings submitted to the Registrar of Companies (RoC).
According to RoC filings, Mokobara received approximately $9.4 million of the $12 million raised from Peak XV Partners.
Established in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, Mokobara specializes in luggage and travel accessories. Including this recent funding round, the brand has raised $20 million. In October 2023, Mokobara secured $3.6 million from Sauce VC and Saama Capital.
Mokobara’s cap table includes Varun Alagh, co-founder and CEO of Mamaearth, Ashish Goel, founder and CEO of Urban Ladder, and Ramakant Sharma, founder and COO of LivSpace.
The omnichannel retailer operates numerous stores across Bengaluru, Delhi, Mumbai, and Pune. In November 2023, the company announced plans to open 25 more stores by April.
Operating in the mid-premium segment, Mokobara faces competition from established brands like American Tourister and emerging startups like Nasher Miles.
As per an August 2023 research note by Crisil, India’s luggage industry revenue is expected to increase by approximately 15% yearly in the current fiscal year. This growth, despite a high base effect of 40% in the previous fiscal year, is attributed to the increasing adoption of hard luggage from the organized sector and the sustained expansion in tourism and corporate travel.
Mokobara’s fundraising aligns with a trend where risk capital investors shift focus from technology companies to consumer brands. This shift is driven by the notable valuations seen in technology startups.
