The D2C startup’s board has passed a resolution to allot 2,233 Series A1 compulsorily convertible cumulative preference shares to 27 investors
Samaa Capital is investing $1.6 Mn in Mokobara’s funding round, which will also see participation from Sauce VC, Touchstone VC, LogX Venture, among others
The fundraise seems to be the part of the startup’s Series B round, which is likely to see Peak XV Partners joining its captable
D2C backpack startup Mokobara has raised $3.6 Mn (INR 29 Cr) from its existing investors Saama Capital, Sauce VC, Alteria Capital, among others.
Earlier this month, the Bengaluru-based startup’s board passed a resolution to allot 2,233 Series A1 compulsorily convertible cumulative preference shares (CCPS) to 27 investors at a premium of INR 1,34,320.40, as per its regulatory filings.
The funding round will be led by Saama Capital, which is infusing $1.6 Mn or INR 14 Cr in exchange for 1,046 Series A1 CCPS. Sauce VC, Alteria Capital, Touchstone VC, and LogX Venture are among the other participants in the funding round.
The fundraise seems to be the part of Mokobara’s upcoming Series B round, which will see Peak XV Partners joining its captable, as per a report by ET. The report said the D2C startup is likely to be valued at around $60 Mn in the funding round.
The fresh funding round comes more than a year after the D2C startup bagged $6.5 Mn in its Series A round, led by Saama Capital and Sauce VC. It also saw participation from Panthera Peak Ventures, Good Capital, Varun Alagh from Mamaearth, Ashish Goel from Urban Ladder, Ramakant Sharma from LivSpace, among others.
Founded in 2019 by Sangeet Agarwal and Navin Parwal, the Bengaluru-based startup offers a host of luggage, travel bags, wallets, kits and sling bags on its online platform. It also sells its products on marketplaces like Amazon and Flipkart.
Mokobara counts Bollywood actor Deepika Padukone as its investor.
It competes against the likes of Wildcraft, Urban Monkey, UpperCase and Eume among others. Mokobara also competes against deep-pocketed brands such as VIP, American Tourister, Adidas, among others.
Earlier this month, another D2C lifestyle brand Eske raised $1.5 Mn in its Pre-Series A funding led by Mistry Ventures. Late last month, Pilgrim, another D2C brand mopped up $20 Mn in its Series B led by Temasek Ventures.
According to Inc42 analysis, the growing Indian D2C market is likely to reach a size of $100 Bn by 2025 and is expected to account for 75% or $300 Bn of the $400 Bn ecommerce market opportunity by 2030.