Travel and lifestyle brand Mokobara has raised Rs 170 crore, or about $18 million, in a Series C funding round led by existing investor Sauce.VC. Peak XV Partners, AYRA Ventures and Niveshaay Investment also participated in the round.
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Kathpalia said Sauce.vc invested Rs 109 crore in the startup as part of the latest round.
“Today, Sauce has tripled down, leading Mokobara’s Rs 170 crore Series C with a Rs 109 crore infusion,” Kathpalia said in a social media post.
Mokobara’s board approved the issuance of 1,300 Series C compulsorily convertible preference shares at about Rs 6.2 lakh each, amounting to Rs 80 crore, according to RoC filings.
The board also allotted 199 shares at about Rs 5.4 lakh each, representing another Rs 10.7 crore. The two allotments together account for about Rs 90.7 crore of new share issuance, below the Rs 170 crore overall transaction announced by Sauce.vc.
The difference is partly explained by secondary transactions, in which existing shares change hands rather than new shares being issued by the startup.
Manu Chandra, founder and managing partner at Sauce.vc, said in a social media post that “a part of this transaction was facilitating secondaries for ESOPs and team”.
From online luggage brand to physical retail
Founded in 2019 by Sangeet Agrawal and Navin Parwal, Bengaluru-based Mokobara sells luggage, backpacks, duffels, totes, slings, wallets and other travel accessories.
The brand sells its products through its own website and online marketplaces, including Amazon and Flipkart, while the company has also expanded its physical retail network.
Mokobara’s official store locator currently lists 52 stores across India, with outlets in cities including Bengaluru, Delhi, Mumbai, Pune, Hyderabad, Chennai, Ahmedabad, Jaipur, Indore and Lucknow.
It also expanded outside India in February 2025, opening its first international store at BurJuman Mall in Dubai.
Before the latest round, Mokobara raised $12 million in February 2024 in a funding round led by Peak XV Partners. That investment valued the startup at about $80 million.
Mokobara’s operating revenue rose to about Rs 230.2 crore in the financial year ended March 2025, from Rs 117.4 crore a year earlier, representing growth of about 96%.
Its losses, however, widened to about Rs 10.2 crore in FY25 from Rs 4.2 crore in FY24.
