Peak XV-backed D2C luggage and travel accessories brand Mokobara continued its rapid scale-up in FY25, nearly doubling its operating revenue year-on-year, even as higher marketing and expansion costs pushed losses wider.
According to financial statements sourced from the Registrar of Companies (RoC), Mokobara’s operating revenue jumped 97% to ₹230 crore in FY25 from ₹117 crore in FY24. Over a two-year period, the company has grown more than fourfold, with revenue rising sharply from ₹53 crore in FY23.
Core luggage business drives scale
Mokobara generates its revenue primarily through the sale of luggage, backpacks, and travel accessories across its online channels and expanding offline retail network. Product sales remained the sole source of operating income during FY25.
The company also earned ₹10 crore as interest income, taking its total income to ₹240 crore in FY25, compared to ₹119 crore in the previous fiscal.
Costs surge amid brand building push
On the expense side, procurement costs remained the largest cost head, rising 91% year-on-year to ₹109 crore and accounting for 43% of total expenditure. Advertising and promotional spends jumped 88% to ₹46 crore as the brand continued aggressive customer acquisition.
Employee benefit expenses nearly doubled to ₹25 crore, while logistics and warehousing costs stood at ₹11 crore and ₹8 crore respectively. Overall, Mokobara’s total expenses more than doubled to ₹251 crore in FY25 from ₹123 crore in FY24.
Losses widen, balance sheet remains comfortable
With expenses outpacing revenue growth, Mokobara reported a net loss of ₹10 crore in FY25, compared to a loss of ₹4 crore in FY24. Its ROCE and EBITDA margin stood at -11.61% and -6.52% respectively. On a unit basis, the company spent ₹1.09 to earn every rupee of operating revenue.
As of March 2025, Mokobara reported cash and bank balances of ₹72.5 crore, while current assets stood at ₹204 crore, giving it sufficient runway to fund near-term expansion.
Outlook: race toward ₹500 Cr milestone
Mokobara has raised around $24 million in funding to date, with Sauce, Saama Capital, and Peak XV Partners as its lead investors. The premium luggage and travel accessories segment has seen renewed momentum post 2020, with multiple new brands entering the space.
With offline expansion underway and brand recall strengthening, costs are likely to remain elevated in the near term. However, backed by a healthy cash position and strong demand momentum, Mokobara appears well positioned to push toward the ₹500 crore revenue milestone by FY-27 and potentially earlier if execution stays tight.
Whether the company charts an independent growth path or emerges as an acquisition target in a consolidating category remains a story to watch.
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