Mokobara raises Rs 100 crore in funding round led by Peak XV Partners

Direct-to-consumer (D2C) luggage and accessories brand Mokobara has raised around Rs 100 crore ($12 million) in a funding round led by Peak XV Partners.

Sauce Venture Capital, Saama, and Aditya Birla Ventures also participated in the funding round.

Mokobara will utilise the capital to accelerate its retail and global expansions by opening stores in the UAE.

Commenting on the investment, Abhishek Mohan, principal at Peak XV in a statement said, “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. 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.”

Navin Parwal, co-founder of Mokobara added, “When we started 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.”

Founded in 2020 by Sangeet and Navin Parwal, the Bengaluru-based Mokobara entered the brick-and-mortar space in May last year with stores in Bengaluru, Pune, Mumbai, and Gurugram. It plans to reach a total of 20 stores during the current financial year.