Mokobara, an internet-first D2C luggage brand, has made headlines by raising $12 million (Rs 100 crore) in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India). First reported by ET, the startup has raised this amount at a post-money valuation of $80 million.

The funding round also saw participation from existing investors Sauce VC and Saama Capital. As per Registrar of Companies (RoC) filings, around $9.4 million of the $12 million has been invested by Peak XV Partners.

Mokobara | D2C Luggage Brand

Founded by former Urban Ladder executives Sangeet Agrawal and Navin Parwal in 2020, Mokobara is a Bengaluru-based direct-to-consumer luggage brand that offers a wide range of travel bags, wallets, kits, briefcases, sling bags, and other travel accessories.

With an omnichannel presence, Mokobara runs multiple stores in Bengaluru, Mumbai, Pune, and Delhi. Operating in the mid-premium segment, Mokobara competes with players, including American Tourister and startups such as Nasher Miles.

Mokobara counts investors cum entrepreneurs Varun Alagh (Mamaearth cofounder and CEO), Ramakant Sharma (LivSpace founder and COO), and Ashish Goel (Urban Ladder founder and CEO) on its cap table. In October 2023, Mokobara raised $3.6 million from Sauce VC and Saama Capital. Prior to that, Mokobara raised $6.5 million in a Series A funding round.

In FY23, the luggage brand saw its operating revenue grow over 4x year over year to Rs 53 crore, while its losses widened 78% to Rs 8 crore.

As per an August 2023 research note by Crisil, the revenue of the luggage industry in India is set to rise around 15% year on year in the ongoing fiscal. Despite the challenge of a high base effect from last fiscal’s 40% growth, the luggage industry is projected to continue growing, driven by the expanding market presence of hard luggage from the organized sector and the sustained increase in tourism and corporate travel.

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