D2C startup Mokobara raises Rs 100 Cr in a Series B round led by Peak XV Partners
Bengaluru-based Mokobara plans to accelerate its retail and global expansions in FY24.
Direct-to-consumer (D2C) luggage brand raised over Rs 150 crore in its Series B round in the last 12 months led by Peak XV Partners, with existing investors Sauce VC and Saama, and Aditya Birla Ventures joining.
The startup plans to achieve a run rate of Rs 180-200 crore in the current fiscal year and a profitable EBITDA, with a target of Rs 1,000 crore business milestone. It plans to accelerate its retail and global expansions in FY24, with stores opening in the UAE.
“We have been in touch with Sangeet and Navin since the early days of Mokobara, and every time they have impressed us with their vision and quality of business build-out. Their product obsession is also quite visible in the raving customer feedback. We are thrilled to partner with them as they scale Mokobara and attempt to capture a significant share of the fast-growing Rs 25,000-30,000 crore luggage, bags and accessories market,” said Abhishek Mohan, Principal, Peak XV.
The startup has secured Rs 45 crore in funding from Sauce VC, Saama, and other prominent angels ahead of its Series A funding round.
Bengaluru-based Mokobara, founded in 2020 by Sangeet and Navin Parwal, is a premium travel and lifestyle brand. With an innovative product portfolio, including luggage, backpacks, briefcases, handbags, and travel accessories, it combines aesthetics with functionality to provide a seamless travel experience for modern travellers.
“When we started up in 2020, we very quickly became a travel brand building itself from the bottom up, at a time when no one in the world was travelling. Securing a fundraise in today’s market really validates our belief in the brand we’re building, and the story we have to tell”, adds Navin Parwal, Co-founder, Mokobara.
The startup expanded its offline community with the launch of nine exclusive brand outlets in five major metro cities within an impressive eight-month timeframe.
The brand recently partnered with IndiGo, launching the Moko 6E Luggage range, which provided IndiGo passengers with excess baggage allowance.
Edited by Suman Singh