Mokobara, a direct to consumer (D2C) luggage company, has raised Rs 100 crore (around $12 million) in its Series B round led by Peak XV Partners (formerly Sequoia Capital India). The startup’s existing investors Sauce.vc and Saama Capital also participated in the round, as per regulatory filings.
Of the total amount, Peak XV alone has invested about Rs 78.3 crore into Mokobara. While Sauce.vc has put in Rs 15.5 crore, Saama Capital infused the remaining amount of Rs 6.3 crore, filings sourced via Tofler showed. The company will use the funds for business expansion as it looks to tap more customers in key markets like Bengaluru, Delhi, Mumbai and others. The Bengaluru-based company will also use the funds to expand its offline reach by opening more stores in key markets.
The startup has reportedly raised money at a post-money valuation of around $80 million.
After the most recent fundraise, Mokobara has raised over $23 million from a clutch of investors including Mamaearth’s Varun Alagh, Livspace’s Ramakant Sharma and several others.
The company’s funding comes at a time when several VC funds are backing consumer companies. Earlier this month, ice cream brand NIC raised $20 million, furniture rental company Rentomojo raised $25 million, among several others.
Founded in 2019 by former Urban Ladder executives, Sangeet Agrawal and Navin Parwal, Mokobara sells laptop bags, suitcases and other luggage accessories that targets the mid-premium to premium customer cohort. The company competes with American Tourister, VIP, Samsonite and several other traditional companies that have been in the space for several years.
In FY23, Mokobara saw its revenue increasing four fold year-on-year (YoY) to Rs 53 crore but its losses also widened about 80 percent to Rs 8 crore during the same period.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
