Mokobara Raises $12M Series B Led by Peak XV Partners

• ByStartupStory     |    February 27, 2024

In a Series B funding round, Bengaluru-based direct-to-consumer luggage brand Mokobara has secured $12 million, led by Peak XV Partners. The investment marks the company’s first funding round in 2024, with existing investors Sauce VC and Saama Capital also participating.

According to regulatory filings, Mokobara issued 4,183 Series B compulsory convertible preference shares at an issue price of Rs 2,39,110.51 per share to raise Rs 100 crore. Peak XV Partners led the round with Rs 78.26 crore, while Sauce VC and Saama Capital contributed Rs 15.47 crore and Rs 6.29 crore, respectively.

Startup intelligence platform TheKredible estimates Mokobara’s valuation post-funding at approximately Rs 700 crore or $84.5 million. Since its inception, the company has raised a total of $23.6 million, including a $3.6 million funding round in October 2023 from Saama Capital, Sauce VC, and Alteria Capital.

Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, Mokobara offers a diverse range of travel accessories, including wallets, travel bags, kits, and sling bags.

Following the Series B round, Peak XV Partners holds 11.18% shares, while Saama Capital and Sauce VC own 14.32% and 19.41% stakes, respectively.

Despite significant revenue growth, Mokobara experienced a surge in losses during FY23, with revenue from operations increasing 4.4X to Rs 53.27 crore from Rs 12.18 crore in FY22. However, losses escalated by 78.5% to Rs 8.21 crore compared to Rs 4.6 crore in FY22.

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