🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

D2C luggage brand Mokobara bags $12 million in new Peak XV-led round

EntrackrEntrackr · 1y ago
D2C luggage brand Mokobara bags $12 million in new Peak XV-led round
Medial

Direct-to-consumer (D2C) luggage brand Mokobara has raised $12 million or Rs 100 crore in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India). This is the first funding round of the Bengaluru-based company in 2024. Existing investors Sauce VC and Saama Capital have also participated in the round. The board at Mokobara has passed special resolutions to issue 4,183 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 2,39,110.51 per share to raise Rs 100 crore, the company’s regulatory filings with the Registrar of Companies show. Peak XV Partners led the round with Rs 78.26 crore while Sauce VC and Saama Capital poured in Rs 15.47 crore and Rs 6.29 crore, respectively. As per startup intelligence platform TheKredible, Mokobara has been valued at around Rs 700 crore or $84.5 million (post-money). The company has raised around $23.6 million to date. Before this fundraise, it raised $3.6 million in funding from Saama Capital, Sauce VC, and Alteria Capital in October 2023. Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, Mokobara offers a wide range of wallets, travel bags, kits, sling bags, and other travel accessories. Post-allotment of the round, Peak XV Partners own 11.18% shares while Saama Capital and Sauce VC have 14.32% and 19.41% stakes in the company. Visit here for more details. Mokobara’s revenue from operations jumped 4.4X to Rs 53.27 crore during FY23 from Rs 12.18 crore in FY22. As per TheKredible, its losses surged 78.5% to Rs 8.21 crore in FY23 as compared to Rs 4.6 crore in FY22.

1

Related News

Luggage brand EUME raises Rs 15 Cr in new round

EntrackrEntrackr · 1y ago
Luggage brand EUME raises Rs 15 Cr in new round
Medial

EUME, a sustainable and eco-conscious luggage brand, has raised Rs 15 crore ($1.7 million) in a new round led by Ashish Kacholia. This is the second funding raised by the Mumbai-based startup. In February last year, EUME had raised an undisclosed amount from Mumbai Angels. The proceeds will be used to ramp up operations, expand the team, drive innovation, build an offline retail presence, invest in technology and enhance brand awareness. Founded by Naina Parek, the startup offers a diverse product portfolio, which includes luggage, backpacks, vegan handbags, and accessories, among others. Last year, EUME claimed to have clocked a monthly run-rate of Rs 1.8 crore.It targets a revenue of Rs 65-70 crore by the end of FY25. Its sales are split evenly between its own website and marketplaces. The startup also plans to launch its flagship store in Mumbai this year. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, EUME also competes with Assembly and Uppercase.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 10m ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

Mokobara reports Rs 117 Cr revenue and Rs 4 Cr loss in FY24

EntrackrEntrackr · 6m ago
Mokobara reports Rs 117 Cr revenue and Rs 4 Cr loss in FY24
Medial

Peak XV-backed Mokobara grew rapidly in the fiscal year ending March 2024, with its operating scale surging 2.2X. Simultaneously, the Bengaluru-based firm halved its losses during the same period. Mokobara's revenue from operations spiked to Rs 117.4 crore in the last fiscal year from Rs 53.3 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Mokobara is an Indian direct to customer luggage brand which offers wallets, travel bags, kits, sling bags and other travel accessories. Sale of these products was the sole source of revenue for the company in FY24. The company also earned additional Rs 1.6 crore from interest income which pushed its total income to Rs 119.03 crore in FY24. On the expense side, the largest expense category, material costs, spiked 2X to Rs 57.28 crore, constituting 46.5% of the total expenses. Advertising expenses grew by 37.9% to Rs 22.64 crore, while employee benefit costs rose sharply by 2.6X to Rs 13.02 crore. Overall, Mokobara's total costs doubled to Rs 123.3 crore in the last fiscal year from Rs 61.9 crore in FY23. In the end, Mokobara managed to halve its losses to Rs 4.24 crore in FY24 from Rs 8.21 crore in FY23. Its ROCE and EBITDA margin stood at -0.97% and -0.92%, respectively. On a unit basis, the company spent Rs 1.05 to earn a rupee of operating revenue during the last fiscal year. The company's current assets grew to Rs 182.6 crore in FY24, driven by increased cash and bank balances, which surged to Rs 111.67 crore. By the end of FY24, Mokobara raised $12 million led by Peak XV. It competes with Uppercase, Assembly, Nasher Miles, and EUME, all of which secured funding in 2024. Uppercase raised $9 million in August, Assembly secured $2 million led by Prath Capital, Nasher Miles raised $4 million in a bridge round, and EUME received funds in a seed round. Mokobara has made its mark, and done it well by easing almost into profits, in a market that has begun to see a 'once in 30 years' sort of upheaval. If it was Safari upending the cozy duopoly of VIP industries and Samsonite earlier, it is brands like Mokobara that are still slicing and dicing the market for more discerning customers. Investors clearly see the signs, but are probably not as convinced about the eventual potential in the mature category, which explains the tentative size of the bets. Mokobara has the clear opportunity in D2C, and the focus should hold it in good stead to establish itself more firmly.

Download the medial app to read full posts, comements and news.