Direct-to-consumer (D2C) luggage brand Mokobara has raised $6.5 million in a Series A funding round led by Saama Capital and Sauce VC. The startup plans to use the capital to boost its research and design. The brand will also use the fresh capital to double down on team building, category expansion, and launching experience centres.
Alteria Capital, Panthera Peak Ventures, Good Capital and individual investors including Varun Alagh from Mamaearth, Ashish Goel from Urban Ladder, founders of Licious, Ramakant Sharma from LivSpace, Raul Rai from Good Earth and Chona Family Office participated in the funding round.
Founded in 2019 by Sangeet Agarwal and Navin Parwal, the Bengaluru-based startup offers a host of luggages, travel bags, wallets, kits and sling bags on its online platform.
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“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,” said Sangeet Agarwal, Co-founder Mokobara.
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.
“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.
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