Mokobara, a new-age luggage brand targeting younger consumers, has experienced significant growth in operating revenue, according to the company’s regulatory filings. In the financial year ending March 2023, the company’s operating revenue skyrocketed to ₹53 crore, a more than four-fold increase compared to the previous year. However, Mokobara also reported a widening loss of about 8 crore, representing a 78% increase.
The firm’s expenditure in FY23 reached approximately 261 crore, almost three times higher than the previous year’s expenses of 16 crore. Mokobara’s largest expense component was the purchase of stock, amounting to 29 crore in FY23 compared to 17 crore in FY22. Employee benefit expenses increased to 4 crore from 1 crore in FY22, and digital marketing expenses rose to 16 crore from 5 crore.
Recently, Mokobara has been in talks with venture investor Peak XV Partners (formerly Sequoia Capital India) to secure an anticipated investment of $12-15 million, valuing the startup between $65-80 million. The company previously raised $3.6 million from existing investors in October.
Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Naveen Parwal, Mokobara has been operating multiple stores in Bengaluru, Delhi, Mumbai, and Pune. With plans to open 25 additional stores in the next 18 months, Mokobara is on track to achieve an annualized revenue run rate of 140-150 crore, as per industry insiders.
