D2C luggage brand Mokobara bags $12 million in new Peak XV-led round

Direct-to-consumer (D2C) luggage brand Mokobara has raised $12 million or Rs 100 crore in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India). This is the first funding round of the Bengaluru-based company in 2024.

Existing investors Sauce VC and Saama Capital have also participated in the round.

The board at Mokobara has passed special resolutions to issue 4,183 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 2,39,110.51 per share to raise Rs 100 crore, the company’s regulatory filings with the Registrar of Companies show.

Peak XV Partners led the round with Rs 78.26 crore while Sauce VC and Saama Capital poured in Rs 15.47 crore and Rs 6.29 crore, respectively.

As per startup intelligence platform TheKredible, Mokobara has been valued at around Rs 700 crore or $84.5 million (post-money). The company has raised around $23.6 million to date.

Before this fundraise, it raised $3.6 million in funding from Saama Capital, Sauce VC, and Alteria Capital in October 2023.

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

Post-allotment of the round, Peak XV Partners own 11.18% shares while Saama Capital and Sauce VC have 14.32% and 19.41% stakes in the company. Visit here for more details.

Mokobara’s revenue from operations jumped 4.4X to Rs 53.27 crore during FY23 from Rs 12.18 crore in FY22. As per TheKredible, its losses surged 78.5% to Rs 8.21 crore in FY23 as compared to Rs 4.6 crore in FY22.