Bengaluru-based direct-to-consumer (D2C) luggage brand Mokobara has raised $12 million in its Series B funding round, spearheaded by Peak XV Partners. The startup, founded in 2019 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, focuses on offering laptop bags, suitcases, and premium luggage accessories.
Key Highlights
In a recent regulatory filing, Mokobara disclosed the infusion of INR 100 crore, approximately $12 million, in its latest funding round. Peak XV Partners led the investment, contributing INR 78.3 crore, while existing investors Sauce.vc and Saama Capital participated with INR 15.5 crore and INR 6.3 crore, respectively.
With this latest funding, Mokobara aims to expand its business footprint, targeting key markets such as Bengaluru, Delhi, and Mumbai. The funds will also fuel the opening more physical stores to enhance the company’s offline reach.
Financial Snapshot
Following its recent fundraising, Mokobara’s post-money valuation is around $80 million. The startup has garnered over $23 million in funding, with investors including Varun Alagh of Mamaearth and Ramakant Sharma of Livspace a company that became an unicorn in 2022.
In the fiscal year 2023, Mokobara experienced a fourfold increase in revenue, reaching INR 53 crore. However, losses widened by 80 percent, totaling INR 8 crore during the same period.
The D2C luggage company, founded in 2019, competes with established brands like American Tourister, VIP, and Samsonite. Mokobara plans to capitalize on its recent funding to tap into the mid-premium to premium customer cohort and solidify its position in the market.
Industry Trends
The funding landscape for consumer-focused companies has been thriving, with notable investments in various sectors. Recent examples include ice cream brand NIC raising $20 million and furniture rental company Rentomojo securing $25 million.
With the infusion of fresh capital, Mokobara is well-positioned to execute its expansion plans, both online and offline. The company’s strategic focus on key markets and premium customer segments aligns with the growing trend in consumer-focused investments.
Mokobara’s successful Series B funding round marks a significant milestone for the D2C luggage brand. The capital injection, led by Peak XV Partners, positions the company for aggressive expansion and heightened competition in the dynamic consumer goods market.
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