In a Series B funding round headed by Peak XV Partners (previously Sequoia Capital India), direct-to-consumer (D2C) luggage brand Mokobara raised $12 million, or Rs 100 crore. The Bengaluru-based company is seeking funding for the first time in 2024.
Participating in the round are long-time investors Sauce VC and Saama Capital.
By issuing 4,183 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 2,39,110.51 per share, the board of Mokobara has approved special resolutions to raise Rs 100 crore, according to the company’s regulatory filings with the Registrar of Companies.
With a round total of Rs 78.26 crore, Peak XV Partners took the lead, followed by Rs 15.47 crore from Sauce VC and Rs 6.29 crore from Saama Capital.
According to reports, Mokobara’s value at about Rs 700 crore, or $84.5 million, after money. To date, the business has raised about $23.6 million.
It had previously raised $3.6 million in funding in October 2023 from Sauce VC, Alteria Capital, and Saama Capital.
Wallets, travel bags, kits, sling bags, and other travel accessories are all available at Mokobara, which was founded in 2020 by Sangeet Agrawal and Navin Parwal, two former executives of Urban Ladder.
Following the round’s allocation, Peak XV Partners is the company’s largest shareholder with 11.18%, followed by Saama Capital and Sauce VC with 14.32% and 19.41%, respectively. For additional information, click this link.
Operating income for Mokobara increased 4.4 times, from Rs 12.18 crore in FY22 to Rs 53.27 crore in FY23.
