March 1: Mokobara, a premium travel and lifestyle brand foresees to reach a revenue range of Rs 180-200 crore in the ongoing fiscal year and achieve a profitable EBITDA, setting its sights on a substantial Rs 1,000 crore business milestone. Looking ahead to FY24, Mokobara is gearing up for rapid retail and global expansion, with plans to launch stores in the UAE.
The startup secured more than Rs 150 crore in its Series B funding within the past year, spearheaded by Peak XV Partners. Noteworthy participation came from established backers like Sauce VC, Saama, and Aditya Birla Ventures.
“We have been in touch with Sangeet and Navin since the early days of Mokobara, and every time they have impressed us with their vision and quality of business build-out. Their product obsession is also quite visible in the raving customer feedback. We are thrilled to partner with them as they scale Mokobara and attempt to capture a significant share of the fast-growing Rs 25,000-30,000 crore luggage, bags and accessories market,” said Abhishek Mohan, Principal, Peak XV.
Mokobara Makes Travel Easier
The startup has raised Rs 45 crore in funding from Sauce VC, Saama, and other prominent angels ahead of its Series A funding round. Bengaluru-based Mokobara, founded in 2020 by Sangeet and Navin Parwal, is a premium travel and lifestyle brand. With an innovative product portfolio, including luggage, backpacks, briefcases, handbags, and travel accessories, it combines aesthetics with functionality to provide a seamless travel experience for modern travellers.
“When we started up in 2020, we very quickly became a travel brand building itself from the bottom up, at a time when no one in the world was travelling. Securing a fundraise in today’s market really validates our belief in the brand we’re building, and the story we have to tell”, adds Navin Parwal, Co-founder, Mokobara.
The startup expanded its offline community with the launch of nine exclusive brand outlets in five major metro cities within an impressive eight-month timeframe. The brand recently partnered with IndiGo, launching the Moko 6E Luggage range, which provided IndiGo passengers with excess baggage allowance.
