Deepika Padukone-backed Mokobara raises $6.5M in Series A funding round
Direct-to-consumer (D2C) luggage brand Mokobara has raised $6.5 million in a Series A funding round led by Saama Capital, Sauce VC.
The startup plans to use the capital to boost its research and design.
Mokobara has also roped in investors such as Varun Alagh, Co-founder Mamaearth; Ashish Goel, Co-founder Urban Ladder; Founders of Licious, Ramakant Sharma, Co-founder Livspace; Raul Rai (Nicobar, Good Earth) and Chona Family Office.
The startup counts actor Deepika Padukone as an investor.
Other VC firms like Alteria Capital, Panthera Peak Ventures, and Good Capital also participated in this round of funding.
“We used the pandemic months to double down on design work. We engaged with an award-winning product design agency from London to help us create the most functional and beautiful range of luggage and bags. We developed real relationships with our consumers who shared valuable insights that informed our design process,” said Sangeet Agarwal, Co-founder Mokobara.
The startup was founded in 2020 by Sangeet and Navin Parwal with a mission to elevate the joy of travel.
“We’re building a brand for the long-term and, to do that, we’ve prioritised creating a strong financial foundation and a company that solves real pain points of travel through design. What allows us to invest in making exceptionally high-quality products is the fact that we sell directly to consumers without any middlemen,” Navin said in a statement.
Kiranbir Nag, partner, Saama said that the Mokobara team has recognised the massive opportunity that exists in the travel space.
“We believe in their obsession with product design and quality and also in their long-term vision of creating the most-loved travel brand in India. In just two years, they’ve disrupted the category and are on track to scale their business to Rs 100 crore ARR within a year,” he said.
The brand will also use the fresh capital to double down on team building, category expansion, and launching experience centres.
“Since our seed investment, Mokobara has grown 20x, while maintaining strong financials. Sangeet and Navin have combined great brand execution with an unapologetic emphasis on design and product quality. Mokobara will be one to watch for years to come,” said Manu Chandra from Sauce.vc.
Mokobara is by all accounts an inspiring startup with spurring development on retail platform. I’m certain this startup would keep on flourishing in its excursion ahead. All the best to the whole group of Mokobara. This will give them a colossal achievement in the future.Shishir Gupta, Founder and CEO, StartupLanes
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