Mokobara raises ₹170 Cr Series C led by Sauce.vc
Mokobara has raised ₹170 Cr (about $18 Mn) in a Series C funding round led by Sauce.vc. The round also saw participation from Peak XV Partners, AYRA Ventures, Niveshaay Investment and other existing backers.
As per a social media post by Sauce.vc’s vice president Karan Kathpalia, the VC firm led the round with a ₹109 Cr infusion in its portfolio startup.
The startup is yet to issue a formal statement on the fundraise. Inc42 has reached out to Sauce VC, AYRA Ventures and Mokobara for comments on the development.
According to Registrar of Companies (RoC) filings accessed by Inc42, Mokobara’s board has approved a proposal to issue 1,300 Series C compulsorily convertible preference shares (CCPS) to the investors at ₹6.2 Lakh each, which aggregates to ₹80 Cr.
The board also allotted 199 shares at ₹5.4 Lakh apiece to the investors, translating into an amount of ₹10.7 Cr. There appears no clarity on how Mokobara raised the remaining nearly ₹80 Cr.
Founded in 2019 by Sangeet Agrawal and Navin Parwal, Mokobara sells a range of luggage, travel bags, wallets, kits and sling bags on its online platform. It also sells its products on marketplaces like Amazon and Flipkart.
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The startup also operates about 50 stores in Bengaluru, Delhi, Mumbai and Pune. It entered the UAE in February 2025, marking its international debut with its first store at BurJuman Mall in Dubai.
It competes against the likes of Wildcraft, Urban Monkey, uppercase and Eume among others. Mokobara also competes against legacy brands such as VIP and American Tourister, among others.
Prior to this round, the startup raised $12 Mn at a valuation of $80 Mn in 2024.
On the financial front, the D2C brand reported a loss of ₹10.2 in FY25, up 142.9% from the ₹4.2 Cr loss it incurred in the previous year. Meanwhile, its operating revenue nearly doubled to ₹230.2 Cr in the fiscal under review from ₹117.4 Cr in FY24. It is yet to disclose its FY26 numbers.
The funding comes at a time when India’s luggage market is witnessing strong growth, driven by rising travel, premiumisation and a shift towards branded products. As per a report, the homegrown luggage industry is projected to become a ₹26,700 Cr opportunity by 2028.
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