Mokobara raises $18 million Series C led by Sauce.vc
Direct-to-consumer luggage brand Mokobara has secured ₹170 crore (approximately $18 million) in a Series C funding round.
Travel and lifestyle brand Mokobara has raised ₹170 crore, or about $18 million, in a Series C funding round. The investment was led by venture capital firm Sauce.vc, according to a social media post from the firm's vice president, Karan Kathpalia.
The round also included participation from Peak XV Partners, AYRA Ventures, Niveshaay Investment, and other existing backers. Sauce.vc's contribution was ₹109 crore, as stated by Kathpalia. The startup has not yet issued a formal statement regarding the fundraise, and Inc42 reports it has reached out to the involved parties for comment.
Funding Structure and History
Registrar of Companies filings accessed by Inc42 detail part of the transaction. Mokobara's board approved issuing 1,300 Series C compulsorily convertible preference shares to investors at ₹6.2 lakh each, aggregating to ₹80 crore. A separate allotment of 199 shares at ₹5.4 lakh apiece translated to an additional ₹10.7 crore. The source notes there is no clarity on how the remaining nearly ₹80 crore of the total round was raised.
Prior to this Series C, Mokobara raised $12 million in 2024 at an $80 million valuation.
Company Profile and Operations
Founded in 2019 by Sangeet Agrawal and Navin Parwal, Mokobara sells luggage, travel bags, wallets, kits, and sling bags primarily through its own online platform. The brand also sells on major marketplaces like Amazon and Flipkart.
The company operates approximately 50 stores across Bengaluru, Delhi, Mumbai, and Pune. It expanded internationally in February 2025, opening its first store at BurJuman Mall in Dubai as its debut in the United Arab Emirates.
Financial Performance and Market Context
Mokobara's financials show rapid growth alongside increasing losses. For FY25, the company reported an operating revenue of ₹230.2 crore, nearly doubling from ₹117.4 crore in FY24. Its loss for the year widened to ₹10.2 crore, a 142.9% increase from the ₹4.2 crore loss incurred in the previous fiscal year. The company has not yet disclosed its FY26 numbers.
The funding arrives as India's luggage market is experiencing strong growth. This is driven by rising travel, a trend toward premium products, and a consumer shift toward branded luggage. A report cited by the source projects the homegrown luggage industry will become a ₹26,700 crore opportunity by 2028.
Mokobara competes against brands like Wildcraft, Urban Monkey, uppercase, and Eume, as well as legacy players such as VIP and American Tourister.
