Mokobara’s Revenue Surges 2.2X To INR 117 Cr In FY24

D2C Luggage startup Mokobara’s losses nearly halved in the fiscal year 2023-24 (FY24) on the back of robust topline growth. In the fiscal, the Bengaluru-based startup reported a loss of INR 4.24 Cr, down 48% from the INR 8.22 Cr loss it incurred in the previous year. 

The startup’s revenue from operations jumped 120% to INR 117.44 Cr from the INR 53.27 Cr revenue it reported in FY23. The startup also earned an other income of INR 1.59 Cr, primarily from the interest it collected from its current investments. 

With this, the startup’s total revenue for the fiscal stood at INR 119.04 Cr, more than double the last year’s INR 53.63 Cr. 

Founded by Sangeet Agrawal and Navin Parwal in 2019, Mokobara sells a range of luggage, travel bags, wallets, kits and sling bags via its website. It also sells its products on marketplaces like Amazon and Flipkart. 

In the fiscal, Mokobara raised fresh funds on two separate occasions. After bagging $3.6 Mn from Saama Capital, Sauce VC, Alteria Capital, in October 2023, the startup secured $12 Mn in a funding round led by Peak XV Partners in February 2024. The last funding round valued the startup at $80 Mn

Where Did The BackPack Manufacturer Spend? 

In line with a sharp increase in its revenue, the startup’s expenditure also increased in the fiscal year. In FY24, Mokobara spent INR 123.28 Cr, up 99% from the INR 61.85 Cr it spent last year. 

Purchases of stock-in-trade: The startup’s biggest expense was the material it needed to build its end product. Mokobara spent INR 71.18 Cr on these purchases, up 143% from the INR 29.30 Cr it spent in FY23. 

Ad Expenses: Mokobara spent INR 22.65 Cr on promotions in the fiscal, a 38% increase from the INR 16.42 Cr it spent last year. 

Employee Expenses: The startup spent INR 13.02 Cr on its personnel in the fiscal, marking a whopping 167% increase from the INR 4.87 Cr it spent in FY23. This implies that the startup expanded its team significantly in the fiscal year.