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

Entrackr · 4d

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.