Overview
Mokobara, a direct-to-consumer (D2C) luggage startup, has successfully raised $12 Mn (approximately INR 100 Cr) in a recent funding round led by Peak XV Partners. This investment has valued Mokobara at $80 Mn, marking a significant milestone for the Bengaluru-based startup.
Company Background
Founded in 2019 by Sangeet Agrawal and Navin Parwal, Mokobara specializes in offering a wide range of luggage, travel bags, wallets, kits, and sling bags through its online platform. Additionally, the startup sells its products on major marketplaces such as Amazon and Flipkart. Mokobara competes in the market against established brands like Wildcraft, Urban Monkey, UpperCase, as well as industry giants like VIP, American Tourister, and Adidas.
Funding Details
This latest funding round follows Mokobara's previous successful funding of $3.6 Mn (INR 29 Cr) from existing investors, including Saama Capital, Sauce VC, and Alteria Capital, among others. The startup has been able to attract significant investor interest, further demonstrated by its earlier Series A funding round in 2022, where it raised $6.5 Mn led by Saama Capital and Sauce VC.
Expansion Plans
Mokobara currently operates multiple stores across Bengaluru, Delhi, Mumbai, and Pune, with plans to open an additional 25 stores by April. This aggressive expansion strategy underscores the company's ambition to capture a larger market share and establish a stronger presence in the D2C segment.
Market Outlook
The Indian D2C market has witnessed rapid growth, fueled by increasing internet penetration and rising disposable incomes. With India being the third-largest online shopping market globally, there is significant potential for D2C brands to thrive. Investors are increasingly recognizing this potential, as evidenced by the recent funding rounds in the D2C sector.
Future Prospects
As the D2C market in India continues to expand, Mokobara is well-positioned to capitalize on this growth. With a strong product portfolio, an expanding retail presence, and the backing of prominent investors, Mokobara is poised for further success in the evolving Indian consumer market.
