Mokobara, a Bengaluru-based direct-to-consumer luggage brand, has raised $12 million in its latest round of funding led by Peak XV Partners (formerly Sequoia Capital India), at a valuation of $80 million post-money, according to ETtech report.
Mokobara’s existing backers Sauce VC and Saama Capital have also participated in the Series B funding round. Of the $12 million, around $9.4 million has been invested by Peak XV Partners, while the remaining was put in by the other two investors, according to regulatory filings made by the startup with the Registrar of Companies (RoC).
Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, the luggage and travel accessories brand has so far raised $20 million, including the latest round. In October 2023, Mokobara had last raised $3.6 million from Sauce VC and Saama Capital.
The startup also counts Mamaearth cofounder and CEO Varun Alagh, Urban Ladder founder and CEO Ashish Goel, and LivSpace founder and COO Ramakant Sharma on its cap table.
“The consumption story in India has always been strong…the tech story gained momentum because venture investors focused on tech came to India with billions of dollars to invest…but India’s consumption metrics continue to be robust,” a New Delhi-based consumer-focused venture investor told.
“For investors, the thesis is very clear. In any sector, there is enough space for consumer brands to scale and become large…India also has enough number of large brands across categories and segments that can come in as strategic investors opening up an exit route for early-stage investors,” the person added.
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