D2C luggage startup Mokobara raises Rs 100 crore from Peak XV Partners, others

Mokobara, a direct-to-consumer (D2C) luggage company, has raised Rs 100 crore (around USD 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, according to regulatory filings.

Of the total amount, Peak XV alone has invested around Rs 78.3 crore in Mokobara. While Sauce.vc put in Rs 15.5 crore, Saama Capital infused the remaining Rs 6.3 crore, filings sourced via Tofler showed. The company will use the funds to expand its business as it looks to attract more customers in key markets like Bengaluru, Delhi, and Mumbai, among 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 funds at a post-money valuation of around USD 80 million.

After the most recent fundraiser, Mokobara has raised over USD 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 many venture capital funds are backing consumer companies. Earlier this month, ice cream company NIC raised USD 20 million, and furniture rental company Rentomojo raised USD 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 targeting mid-range and premium customers. The company competes with American Tourister, VIP, Samsonite, and many other traditional companies that have been operating in this sector for several years.

In FY23, Mokobara saw its revenue increase four-fold year-on-year to Rs53 crore, but its losses also widened about 80 percent to Rs 8 crore during the same period.

Also Read: Nvidia adds record $277 billion in stock market value