Peak XV Leads $12 Mn Funding Round In Luggage Brand Mokobara

Mokobara has raised $12 Mn (around INR 100 Cr) in a fresh funding round led by Peak XV Partners that valued the D2C luggage startup at $80 Mn.

ET reported the development first.

Founded by Sangeet Agrawal and Navin Parwal in 2019, 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. 

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, and Adidas, among others. 

Mokobara’s latest funding comes within five months after it secured $3.6 Mn (INR 29 Cr) from its existing investors Saama Capital, Sauce VC and Alteria Capital, among others.

The startup runs multiple stores in Bengaluru, Delhi, Mumbai and Pune and is planning to open 25 more stores by this April.

In 2022, it raised $6.5 Mn in its Series A funding round led by Saama Capital and Sauce VC.

Alteria Capital, Panthera Peak Ventures, Good Capital, with individual investors including Varun Alagh from Mamaearth, Ashish Goel from Urban Ladder, founders of Licious, Ramakant Sharma from LivSpace, Raul Rai from Good Earth and Chona Family Office also participated in the round.

With rising penetration of internet and smartphone, India has the third-largest online shopping base in the world. This, along with the increase in disposable incomes, has led to the emergence of a number of D2C brands in the country over the last few years. This has also drawn investors’ attention.

Earlier this month, D2C food brand Yu secured INR 20 Cr (around $2.4 Mn) in a Series A funding round led by angel investor Ashish Kacholia and Asian Paints Promoter Group (Manish Choksi and Varun Vakil). Prior to that, D2C wellness startup Zingavita raised INR 10 Cr (around $1.2 Mn) in its pre-Series A funding round led by Anicut Capital. Prior to that, 

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.