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Friday, December 8, 2023

Deepika Padukone-backed Mokobara gets $6.5M to bolster its R&D verticals

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Mokobara has secured $6.5 million in Series A fund round. The startup, which is backed by Bollywood actress,  Deepika Padukone, will use the money to bolster its research and design verticals.

Mokobara, a D2C baggage business, has secured $6.5 million in a Series A fundraising round headed by Saama Capital and Sauce VC.

Alteria Capital, Panthera Peak Ventures, Good Capital, and individual investors such as Varun Alagh of Mamaearth, Ashish Goel of Urban Ladder, the creators of Licious, Ramakant Sharma of LivSpace, Raul Rai of Good Earth, and Chona Family Office took part in the investment round.

Mokobara plans to invest the additional funds on research and design. It will use the capital to grow into other categories, increase the team, and open experience centers.

Cofounder of Mokobara, Navin Parwal, said the company is building a long-term brand. He said in order to do so, Mokobara has emphasized constructing a secure financial foundation and a business that responds to true travel pain points through design.

Parwal said, “Because we sell directly to consumers without the need of intermediaries, we can invest in making incredibly high-quality things.” The Bengaluru-based firm, founded in 2019 by Sangeet Agarwal and Navin Parwal, sells a variety of luggage, travel bags, wallets, kits, and sling bags on its online site.

According to its LinkedIn page, Mokobara has teamed with London-based Studio Morrama to manufacture cabin baggage.

Deepika Padukone, a Hindi film actress, is an investor in Mokobara. It competes with American Tourister, Safari, Wildcraft, and VIP in the D2C category.

For quite some time, investors have been drawn to India’s D2C sector, which is expected to expand to more than $100 billion by 2025.

Acefour Accessories just received $7 million in funding from Sixth Sense Ventures’ current fund and Volrado Venture Partners.

Rashmika Mandanna, an Indian actress, previously endorsed D2C firm Plum and became its brand ambassador.

Furthermore, the Singapore-based sovereign wealth fund GIC invested $48.02 million in the skincare business WOW Skin Science.

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