A Series A funding round led by Saama Capital and Sauce VC raised $6.5 million for the direct-to-consumer (D2C) luggage company Mokobara.
The startup intends to increase its research and design with money.
Investors like Varun Alagh, co-founder of Mamaearth, Ashish Goel, Urban Ladder, Ramakant Sharma, co-founder of Livspace, Raul Rai (of Nicobar and Good Earth), and the China Family Office have also gotten involved with Mokobara.
Mokobara will use the fresh capital to beef up research and design. It will deploy funds to enter into new categories, expand the team and launch experience centers.
“We are building a brand for the long-term and, to do that, we have prioritized 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 Parwal, cofounder of Mokobara said.
“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 of Mokobara.
Mokobara counts Bollywood actress Deepika Padukone as its investor. Besides, it also secured
INR 2.33 Cr from Sauce.VC in a seed funding round in 2020, according to Crunchbase.
In the D2C segment, it competes with the likes of American Tourister, Safari, Wildcraft, and VIP.
India’s D2C market, which is poised to grow by over $100 Bn by 2025, has been alluring investments for quite some time now. Recently, travel accessories brand Acefour Accessories secured $7 Mn from Sixth Sense Ventures’s current fund and Colorado Venture Partners.
In the previous month, Indian actress Rashmika Mandanna backed D2C startup Plum and consequently, became its brand ambassador. Besides, skincare brand WOW Skin Science secured $48.02 Mn from Singapore-based sovereign wealth fund GIC.
During the same timeframe, Bare Anatomy’s parent Innovist raised $3.5 Mn fr
About Mokobara
The Bengaluru-based D2C startup Mokobara, founded in 2019 by Sangeet Agarwal and Navin Parwal, provides a broad selection of wallets, travel bags, kits, sling bags, and other items on its website. It says it makes the journey easier.
“Mokobara has grown 20 times since our Seed investment while maintaining solid financials. The Mokobara team has successfully blended excellent brand execution with an unwavering focus on design and product quality. For years to come, Mokobara will be someone to watch “said Manu Chandra, a spokesperson for Sauce.VC, in a statement.
According to a market study, India’s direct-to-consumer market for clothing and accessories is anticipated to reach $43.2 billion by 2025. With an estimated market size of $30.6 billion, India’s D2C segment for consumer electronics would be the largest. Thus, India’s overall D2C market is estimated to grow by over $100 billion by 2025.
