Internet-first direct-to-consumer luggage brand Mokobara has successfully raised $12 million (Rs 100 crore) in its Series B funding round led by Peak XV Partners (formerly Sequoia Capital India), marking the company’s first funding round of 2024. The valuation post-money stands at an impressive $80 million. The funding round saw participation from existing investors Sauce VC and Saama Capital, according to regulatory filings with the Registrar of Companies (RoC).
The funding details reveal that Peak XV Partners contributed approximately $9.4 million to the total raised amount, as confirmed by the RoC filings. Mokobara, founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, has now secured a total funding of $20 million, including the latest Series B round. In October 2023, the company had raised $3.6 million from Sauce VC and Saama Capital.
The board at Mokobara has passed special resolutions to issue 4,183 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 2,39,110.51 per share, resulting in a fundraise of Rs 100 crore, as outlined in the company’s regulatory filings with the Registrar of Companies.
The funding distribution in the latest round indicates that Peak XV Partners led with an investment of Rs 78.26 crore, followed by Sauce VC and Saama Capital, contributing Rs 15.47 crore and Rs 6.29 crore, respectively.
According to startup intelligence platform TheKredible, Mokobara’s post-money valuation stands at around Rs 700 crore or $84.5 million. The company has raised a total of approximately $23.6 million to date.
Mokobara, specializing in direct-to-consumer luggage, offers a diverse range of products including wallets, travel bags, kits, sling bags, and various travel accessories. Post-allotment of the Series B round, Peak XV Partners holds an 11.18% stake, while Saama Capital and Sauce VC have stakes of 14.32% and 19.41%, respectively.
In the fiscal year 2023, Mokobara reported a substantial 4.4X increase in operating revenue to Rs 53.27 crore from Rs 12.18 crore in FY22. However, the company experienced a 78.5% increase in losses, reaching Rs 8.21 crore in FY23 compared to Rs 4.6 crore in FY22.
Mokobara, operating in the mid-premium segment of India’s growing luggage industry, competes with prominent brands such as American Tourister and Nasher Miles. The company, with existing stores in Bengaluru, Delhi, Mumbai, and Pune, plans to expand its footprint with an additional 25 stores by April.
This funding milestone coincides with a broader trend where investors are increasingly turning their attention towards consumer brands, steering away from the saturated tech sector characterized by high valuations. Mokobara’s success in securing this funding further positions the brand for continued growth and innovation in the evolving consumer landscape.