Mokobara Raises Rs 90.66 Crore in Series C Funding
Bengaluru-based direct-to-consumer (D2C) luggage and travel accessories brand Mokobara is on track to secure Rs 90.66 crore ($9.5 million) in a Series C funding round. This marks more than two years since its last funding venture. The funding will be spearheaded by existing investor Sauce VC, with contributions from Peak XV Partners, Niveshaay Sambhav Fund, Ayra Ventures, along with other current investors.
Previous Funding and Current Investment
In February 2024, Mokobara successfully raised $12 million or Rs 100 crore in its Series B funding round, which was led by Peak XV Partners (previously known as Sequoia Capital India). The company’s board has approved a special resolution to issue 1,300 Series C compulsorily convertible preference shares (CCPS) and 199 equity shares, set at an issue price of Rs 6,15,415.32 per share, to achieve the targeted amount, as per its filing with the Registrar of Companies (RoC).
Investment Breakdown
Existing investor Sauce VC will contribute Rs 57.68 crore to lead the round, with Niveshaay Sambhav Fund and Ayra Ventures providing Rs 13.07 crore and Rs 10.47 crore respectively. Peak XV Partners will also invest Rs 8.41 crore, while Vivek Jain will contribute Rs 1.03 crore.
Expected Valuation Surge
According to Startup Superb’s estimates, Mokobara’s valuation is anticipated to escalate 2.76 times to Rs 1,930 crore (equivalent to $203 million) from Rs 700 crore during the Series B round. The company intends to utilise the funds to bolster its growth trajectories, enhance financial stability, and develop long-term resources.
Company Background
Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, Mokobara is a Bengaluru-based D2C travel and lifestyle brand. The brand offers a range of products including luggage, bags, backpacks, totes, slings, travel accessories, and wallets, focusing on the premium segment within the travel and lifestyle market.
Stake Distribution Post-Funding
After the shares are allocated, Sauce VC will own a 20.48% stake in Mokobara, with Peak XV Partners holding 16.76% and Saama Capital having 13.65%. Co-founders Sangeet Agrawal and Navin Parwal will retain stakes of 21.46% and 11.25% respectively.
Financial Performance
Mokobara’s operational revenue nearly doubled to Rs 230.15 crore in FY25, up from Rs 117.44 crore in FY24, reflecting a significant 96% growth year on year. However, the company reported an increase in net loss, which grew to Rs 10.18 crore in FY25 from Rs 4.24 crore in FY24.
Market Competition
Mokobara faces competition from various D2C brands such as Escape Plan, which secured $25 million earlier this year led by Jungle Ventures, Uppercase with Rs 20 crore raised in April, Nasher Miles, and Acefour Accessories all vying within India’s rapidly expanding travel gear marketplace.