Mokobara revenue doubles to Rs 230 Cr in FY25

Peak XV-backed D2C luggage and travel accessories brand, Mokobara, has scaled up more than fourfold over the last two fiscal years, with its operating revenue rising to Rs 230 crore in FY25 from Rs 53 crore in FY23.

Mokobara’s revenue from operations surged by 97% to Rs 230 crore in FY25 from Rs 117 crore in FY24, according to its financial statement sourced from the Registrar of Companies (RoC).

The company earns revenue mainly from the sale of luggage, backpacks, and travel accessories through its online and offline channels. The sale of these products was the sole source of revenue for the company in FY25.

The firm posted Rs 10 crore in interest income, which took its total income to Rs 240 crore in FY25, compared to Rs 119 crore in FY24.

The cost of procurement was the largest expense for the luggage-selling company.  This cost surged 91% to Rs 109 crore and accounted for 43% of the overall spend in FY25. Advertising expenses rose 88% to Rs 46 crore in FY25.

Employee benefit expenses almost doubled to Rs 25 crore while logistics charges and warehousing costs stood at Rs 11 crore and Rs 8 crore, respectively. Overall, Mokobara’s total expenses more than doubled to Rs 251 crore in FY25 from Rs 123 crore in FY24.

In the end, the company posted a net loss of Rs 10 crore in FY25, compared to a loss of Rs 4 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -11.61% and -6.52% respectively. On a unit basis, the company spent Rs 1.09 to earn a rupee during the fiscal year. The Mumbai-based firm reported cash and bank balances of Rs 72.5 crore, while its current assets stood at Rs 204 crore in FY25.

Mokobara has raised around $24 million in funding to date, with Sauce, Saama Capital, and Peak XV Partners as its lead investors. Mokobara competes with the likes of Nasher Miles, Zouk Bags, and Acefour Accessories.

The luggage and accessories space has been one of the big ones to wake up after seemingly decades of slumber till 2020. It has seen multiple brands emerge since, and Mokobara has done well to capture significant mind space as a premium offering. The company has built offline reach as well with new stores in the past year, so costs will take a while to settle, even as sales are pushed hard to keep losses in check. Outsourced manufacturing and design has enabled many firms to test the segment, and it’s clearly a buyers market for now. Mokobara has the reserves to make a break for the 500 crore milestone before needing any further funding, and it remains to be seen how it charts that path. It could come as early as FY26 if plans work out, and definitely by FY27 looking at momentum. Before that, will the firm become a target for acquisition? We will wait and watch.