Mokobara Raises Rs 170 Cr in Series C Funding Led by Sauce.vc
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Khushi Jain
- September 8, 2026
Travel and lifestyle brand Mokobara has raised Rs 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.
According to a social media post by Sauce.vc vice president Karan Kathpalia, the VC firm led the round with a Rs 109 Cr investment in its portfolio startup.
Mokobara 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. The story will be updated based on their response.
Mokobara Series C Funding Details
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 investors at Rs 6.2 Lakh each, aggregating to Rs 80 Cr.
The board also allotted 199 shares at Rs 5.4 Lakh apiece to the investors, translating into an amount of Rs 10.7 Cr.
There appears to be no clarity on how Mokobara raised the remaining nearly Rs 80 Cr.
Mokobara’s Business and Expansion
Founded in 2019 by Sangeet Agrawal and Navin Parwal, Mokobara sells a range of luggage, travel bags, wallets, kits and sling bags through its online platform. It also sells its products on marketplaces such as Amazon and Flipkart.
The startup operates about 50 stores across Bengaluru, Delhi, Mumbai and Pune.
Mokobara also entered the UAE in February 2025, marking its international debut with its first store at BurJuman Mall in Dubai.
The company competes with brands including Wildcraft, Urban Monkey, uppercase and Eume. It also competes with legacy brands such as VIP and American Tourister.
Previous Funding and Financial Performance
Prior to this round, Mokobara raised $12 Mn at a valuation of $80 Mn in 2024.
On the financial front, the D2C brand reported a loss of Rs 10.2 in FY25, up 142.9% from the Rs 4.2 Cr loss it incurred in the previous year.
Meanwhile, its operating revenue nearly doubled to Rs 230.2 Cr in the fiscal under review from Rs 117.4 Cr in FY24. The company is yet to disclose its FY26 numbers.
India’s Growing Luggage Market
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 Rs 26,700 Cr opportunity by 2028.
FAQs
1. How much funding has Mokobara raised in its Series C round?
Mokobara has raised Rs 170 Cr, or about $18 Mn.
2. Who led Mokobara’s Series C funding round?
The Series C round was led by Sauce.vc.
3. Who founded Mokobara?
Mokobara was founded in 2019 by Sangeet Agrawal and Navin Parwal.
4. How many stores does Mokobara operate?
Mokobara operates about 50 stores in Bengaluru, Delhi, Mumbai and Pune.
5. How much was Mokobara’s operating revenue in FY25?
Mokobara’s operating revenue nearly doubled to Rs 230.2 Cr in FY25 from Rs 117.4 Cr in FY24.
