Mokobara, the Bengaluru-based D2C luggage startup, has reported a remarkable performance in the fiscal year 2023-24 (FY24). The company’s revenue from operations jumped 120% to reach INR 117.44 Cr, up from the INR 53.27 Cr it reported in the previous fiscal year.
The startup’s losses nearly halved in FY24, coming down to INR 4.24 Cr from the INR 8.22 Cr loss incurred in FY23. This impressive financial turnaround was driven by Mokobara’s robust topline growth during the year.
Founded in 2019 by Sangeet Agrawal and Navin Parwal, Mokobara sells a range of luggage, travel bags, wallets, kits and sling bags through its own website as well as major e-commerce platforms like Amazon and Flipkart.
In line with the surge in revenue, Mokobara’s expenditure also increased, reaching INR 123.28 Cr in FY24 – a 99% jump from the INR 61.85 Cr spent in the previous year. The startup’s biggest expense was on the purchase of stock-in-trade, which grew by 143% to INR 71.18 Cr.
Mokobara also continued to invest heavily in marketing and advertising, spending INR 22.65 Cr, a 38% increase from FY23. The startup’s employee expenses jumped 167% to INR 13.02 Cr, indicating significant team expansion.
The strong financial performance comes on the back of Mokobara’s ability to raise fresh funds. In FY24, the startup secured $12 Mn in a funding round led by Peak XV Partners, valuing the company at $80 Mn. Earlier in October 2023, Mokobara had raised $3.6 Mn from investors including Saama Capital, Sauce VC and Alteria Capital.
With its robust revenue growth, improved profitability and successful fundraising, Mokobara has demonstrated its ability to navigate the competitive D2C luggage market and emerge as a rising star in the Indian startup ecosystem.
