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Peak XV Leads $12 Mn Funding In Luggage Brand Mokobara

Inc42 · 1y ago

Bengaluru-based luggage and travel accessories brand Mokobara has raised $12 million in a funding round led by Peak XV Partners, valuing the startup at $80 million. Founded in 2019, Mokobara offers a range of products online and through marketplaces such as Amazon and Flipkart. The fresh funds will be used to expand its retail footprint, with plans to open 25 more stores by April. The growing direct-to-consumer (D2C) market in India is projected to reach $100 billion by 2025 and account for 75% of the $400 billion ecommerce market opportunity by 2030.

Related News

Bengaluru's D2C luggage brand Mokobara raises $12M in a Series B funding round

IndianStartupNews

IndianStartupNews · 1y ago

Bengaluru-based luggage brand, Mokobara, has secured $12 million in a Series B funding round led by Peak XV Partners, with participation from existing investors Sauce VC and Saama Capital. The startup plans to use the funding to expand its business operations in key markets such as Bengaluru, Delhi, and Mumbai, as well as increase its offline presence through new store openings. Mokobara offers a range of luggage and travel accessories, and has seen significant growth in operating revenue, though its losses have also increased. The funding round reflects growing investor interest in consumer brands, particularly those in the travel sector.

New-age luggage brand Mokobara's operating revenue grows four-fold in FY23, losses widen 78%

Economic Times

Economic Times · 1y ago

Luggage brand Mokobara experienced a significant increase in operating revenue, growing more than four times to Rs 53 crore in FY23. However, losses also widened by 78% to approximately Rs 8 crore. The company's total expenses in FY23 were three times higher than the previous year, with the largest expense being the purchase of stock. Mokobara is currently in talks with venture investor Peak XV Partners for a potential investment of $12-15 million. The startup, founded by former Urban Ladder executives, is competing with established players in the premium luggage segment.

D2C luggage brand Mokobara raises $12 million in funding from Peak XV Partners, existing investors

Economic Times

Economic Times · 1y ago

Indian luggage brand Mokobara has raised $12m in a funding round led by Peak XV Partners, valuing the company at $80m. Sauce VC and Saama Capital, existing backers, also participated. Mokobara, founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, has raised a total of $20m to date. The company plans to open 25 stores by April and operates in the mid-premium segment of the luggage market, competing with the likes of American Tourister and Nasher Miles.

Peak XV in talks to invest in new-age luggage brand Mokobara

Economic Times

Economic Times · 1y ago

Peak XV Partners, formerly Sequoia Capital India, is in talks to invest in the direct-to-consumer luggage brand Mokobara. The investment could value the startup at $65-80 million, with another consumer brand-focussed investment fund potentially joining the round. The investment is expected to be in the range of $12-15 million. These discussions come amidst increasing interest from venture investors in internet-first D2C brands.

Luggage brand EUME raises Rs 15 Cr in new round

Entrackr

Entrackr · 1y ago

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

Entrackr

Entrackr · 1y ago

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.

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

Entrackr

Entrackr · 1y ago

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.

New consumer brands trend on deal street

Economic Times

Economic Times · 1y ago

New consumer brands trend on deal street

Blue-chip venture funds and investment firms, supported by experienced corporate leaders and startup founders, are eager to invest in emerging consumer brands that are challenging established market players. Accel, a Flipkart-backed fund, is in advanced talks to invest in Uppercase, a luggage brand, valuing it around $50-60 million. This follows investments by Peak XV Partners in Mokobara, a premium luggage maker, and Lighthouse in Safari Industries. Other sectors seeing investment activity include beauty, wellness, pet care, jewellery, food, and beverages. Investors believe that now is an opportune time to launch new brands given the evolving consumer preferences in the post-Covid era.

Nasher Miles looking at maiden funding round by end of this year

VCCircle

VCCircle · 1y ago

Nasher Miles looking at maiden funding round by end of this year

Nasher Miles, an omnichannel luggage brand, is looking to raise its first institutional round of funding by the end of this year. The Mumbai-based brand aims to use the funds to support its offline expansion and expand its team. Nasher Miles competes with other brands such as Mokobara and Uppercase in the luggage market.

Startup funding drops 59% to 12 deals this week

Economic Times

Economic Times · 1y ago

Startup funding drops 59% to 12 deals this week

Startup funding in the last week of February 2024 declined by 59% in terms of volume, with only 12 deals totaling $171 million. Late-stage funding accounted for 73% of the overall deal value, while the seed stage accounted for 18%. February saw a total of $516 million raised across 82 rounds. The top deals included a $100 million funding round for logistics startup Shadowfax, a $27 million round for blockchain technology company Avail, a $20 million round for payments provider Mswipe, a $12 million round for luggage brand Mokobara, and a $4.5 million round for mobility platform IntrCity.

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