In a significant milestone for the direct-to-consumer (D2C) landscape, Mokobara, the pioneering luggage brand, has announced the successful closure of its Series B funding round, raising over ₹150 crore in the past 12 months. The funding round was led by Peak XV Partners, with notable participation from existing investors Sauce VC, Saama, and Aditya Birla Ventures.
The ambitious startup has set robust targets for the current fiscal year, aiming for a run rate of ₹180-200 crore and a profitable EBITDA. Furthermore, Mokobara has its sights set on achieving a substantial business milestone of ₹1,000 crore. To realize these objectives, the company plans to accelerate its retail and global expansions in the fiscal year 2024, with a strategic focus on establishing stores in the UAE.
Abhishek Mohan, Principal at Peak XV Partners, expressed enthusiasm about the partnership with Mokobara, highlighting the founders’ visionary approach and the company’s dedication to product excellence. He emphasized the potential for Mokobara to claim a significant share of the burgeoning ₹25,000-30,000 crore luggage, bags, and accessories market.
Mokobara’s journey began with a pre-Series A funding round, where it secured ₹45 crore from Sauce VC, Saama, and prominent angel investors. Founded in 2020 by Sangeet and Navin Parwal, the Bengaluru-based startup swiftly established itself as a premium travel and lifestyle brand. Offering an innovative range of products, including luggage, backpacks, briefcases, handbags, and travel accessories, Mokobara seamlessly combines aesthetics with functionality to cater to the needs of modern travelers.
Navin Parwal, Co-founder of Mokobara, reflected on the brand’s resilience and growth amidst challenging circumstances, underscoring the significance of securing funding in the current market landscape. He emphasized Mokobara’s commitment to crafting a compelling brand narrative and delivering exceptional value to customers.
In addition to its online presence, Mokobara has expanded its offline footprint with the launch of nine exclusive brand outlets across five major metro cities within a remarkable eight-month timeframe. The brand recently forged a strategic partnership with IndiGo, introducing the Moko 6E Luggage range, which offers IndiGo passengers enhanced baggage allowances.
Mokobara’s successful funding round and strategic initiatives underscore its emergence as a prominent player in the D2C space, poised for further growth and innovation in the travel and lifestyle segment.
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