Bengaluru-based direct-to-consumer (D2C) luggage and travel accessories brand Mokobara is set to raise Rs 90.66 crore ($9.5 million) in a Series C funding round, more than two years after its previous fundraise. The round is led by existing investor Sauce VC, with participation from Peak XV Partners, Niveshaay Sambhav Fund, Ayra Ventures and other existing investors.In February 2024 the company had raised$12 millionor Rs 100 crore in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India).The board at Mokobara passed a special resolution to issue 1,300 Series C compulsorily convertible preference shares (CCPS) at an issue price of Rs 6,15,415.32 per share and 199 equity shares at Rs 5,35,798 per share to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). Existing investor Sauce VC will lead the round with an investment of Rs 57.68 crore, followed by Niveshaay Sambhav Fund and Ayra Ventures with Rs 13.07 crore and Rs 10.47 crore, respectively. Peak XV Partners will also invest Rs 8.41 crore, while Vivek Jain will contribute Rs 1.03 crore. As perEntrackr’sestimate, Mokobara’s valuation will surge 2.76X to Rs 1,930 crore (or $203 million) from Rs 700 crore in series B round. The company plans to use the fresh proceeds to support its growth objectives, strengthen its financial position, and build long-term resources. Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, Mokobara is a Bengaluru-based D2C travel and lifestyle brand. The company offers luggage, bags and backpacks, totes, slings, travel accessories and wallets, targeting the premium travel and lifestyle segment.Following the allotment, Sauce VC will hold a 20.48% stake in Mokobara, followed by Peak XV Partners with 16.76% and Saama Capital with 13.65%. Co-founders Sangeet Agrawal and Navin Parwal will hold 21.46% and 11.25% stakes, respectively. Mokobara’s revenue from operations nearly doubled to Rs 230.15 crore in FY25 from Rs 117.44 crore in FY24, marking a 96% year-on-year growth. However, the company’s net loss increased to Rs 10.18 crore in FY25 from Rs 4.24 crore in FY24. It competes with D2C players such asEscape Plan, which raised $25 million earlier this year led by Jungle Ventures,Uppercase, which raised Rs 20 crore in April, Nasher Miles and Acefour Accessories in India’s fast-growing travel gear market. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
