D2C luggage brand Mokobara recorded an exponential 4.4X rise to Rs 53.6 crore in the last fiscal year with operations contributing over Rs 50 crore. The preceding fiscal, the company registered an overall revenue of Rs 12.2 crore in FY22 with over Rs 12 crore coming in from operations.
Based out of Bengaluru, Mokobara is an Indian director to customer luggage brand which offers a wide range of wallets, travel bags, kits, sling bags and other travel accessories.
Currently valued at Rs 700 crore, the five-year-old company has raised a total of Rs 192 crore through 5 funding rounds since inception. It recently raised close to Rs 100 crore in its Series B round from the likes of Peak XV Partners, Sauce VC, and Saama Capital.
Post the infusion of its latest round, founder Sangeet Agarwal became the company’s largest shareholder. While investors Sauce VC and Saama Capital own over 19% and more than 14% of the company’s shares respectively, co-founder Navin Parwal owns shares close to 14%.
It previously raised an approximate of Rs 30 crore in its Series A round from the likes of Saama Capital, Sauce VC, and Alteria Capital in October 2023. Notably, the company raised 2 funding rounds within a span of four months.
The e-commerce company incurred a total expense of Rs 61.85 crore in FY23, a 3.7X rise as compared to its preceding fiscal year’s Rs 16.8 crore. Of this, cost of materials took up over 45% while advertisement and promotional costs and employee benefits took up over 25% and 7% respectively.
Comparatively, advertising and promotional costs took up one of the tops spots in Mokobara’s overall expenses in FY22. The segment cost over 35% of the company’s total expenses while employee benefits contributed over 6% and finance costs took up over 1%.
Led by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, it’s losses widened to Rs 8.21 crore in the fiscal year ending March 2023. This was a 1.8X gap as compared to the company’s preceding fiscal’s Rs 4.6 crore. The previous fiscal also witnessed an improvement in its EBITDA margin and ROCE to -12.00% and -23.71%