Direct-to-consumer (D2C) luggage brand Mokobara raised $6.5 million in a Series A funding round led by Saama Capital, Sauce VC.
Other investors such as Alteria Capital, Panthera Peak Ventures and Good Capital along with Angel investors Deepika Padukone; Varun Alagh, co-founder of Mamaearth; Ashish Goel, co-founder of Urban Ladder; Founders of Licious, Ramakant Sharma, co-founder of LivSpace; Raul Rai (Nicobar, Good Earth) and Chona Family Office.
The startup plans to use the capital to boost its research and design. The brand will also use the new capital to double down on team building, expand categories and launch experience centers.
Sangeet Agarwal, Co-Founder of Mokobara, said, “We used the months of the pandemic to double the designs. We’ve engaged 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.”
Navin Parwal, Co-founder of Mokobara, said, “We’re building a brand for the long term, so we’ve prioritized building a strong financial base and a company that solves the real problems of travel through design. What allows us to invest in producing exceptional quality products is the fact that we sell directly to consumers without any middlemen.”
Kiranbir Nag, Partner at Saama Capital, said, “We believe in their obsession with product design and quality, as well as their long-term vision to create India’s most loved travel brand. In just two years, they have disrupted the category and are on track to grow their business to Rs 100 crore ARR within a year.”
Manu Chandra of Sauce.vc, said, “Since our initial investment, Mokobara has grown 20x while maintaining a strong financial position. Sangeet and Navin have combined great brand execution with an unapologetic emphasis on product design and quality. Mokobara will be one to watch for years to come.”