Travel and Lifestyle Brand Mokobara Raises INR 100 Cr in Series B Led by Peak XV Partners Bengaluru-based luggage brand Mokobara aims to use the raised funds to expedite retail and global expansions in FY24.
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Direct-to-consumer (D2C) luggage brand Mokobara announced that it has raised over INR 150 crore funding in Series B in the last 12 months led by Peak XV Partners (formerly Sequoia Capital India/SEA). Existing investors Sauce VC and Saama, and Aditya Birla Ventures also participated in the round.
The startup aims to reach 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. In FY24, it intends to expedite its global and retail expansions, with stores opening in the UAE.
Navin Parwal, Co-Founder, Mokobara, said, "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."
Founded in 2020 by Sangeet Agrawal and Navin Parwal, Mokobara is a premium travel and lifestyle brand. Mokobara aims to make every trip more enjoyable and smooth with its inventive product line, which includes luggage, backpacks, briefcases, purses, and travel accessories.
Abhishek Mohan, Principal, Peak XV, stated, "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 Cr luggage, bags and accessories market."
Through a recent partnership with IndiGo (InterGlobe Aviation Ltd.), the brand introduced the Moko 6E Luggage range, giving IndiGo flyers an additional baggage allowance.
The startup opened nine exclusive brand stores in five major metro cities , growing its offline community in a remarkable eight months.
