Startup Mokobara, the direct to consumer luggage has raised $6.5 million to boost its research and design. Furthermore, it plans to double down on team building, category expansion, and launching experience centres.
Sangeet Agarwal, Co-founder 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.”
The startup backed by Deepika Padukone 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.
Startup Mokobara records 20x growth
“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.
The Series A funding round led by Saama Capital, Sauce VC The brand has also roped in investors such as Varun Alagh, Co-founder Mamaearth; Ashish Goel, Co-founder Urban Ladder; Founders of Licious; and Ramakant Sharma, Co-founder LivSpace, among others.
Other VC firms like Alteria Capital, Panthera Peak Ventures, and Good Capital also participated in this round of funding.