The direct-to-consumer (D2C) luggage and travel accessories brand by Peak XV, known as Mokobara, has shown impressive growth in the past two fiscal years. As per the financial statements by the company obtained from the Registrar of Companies, the operating revenue of the firm shot to ₹230 crore in the fiscal year ending in March 2025. This is a 97% growth over the ₹117 crore registered in FY24 and over fourfold growth compared to the ₹53 crore in FY23.
The Mumbai-based startup mainly earns its revenues through the sale of high-quality luggage, bags, and other travel-related accessories via online shopping platforms as well as its growing chain of stores. These physical products are the only source of operating revenue at the company in FY25.
Besides its operations, Mokobara has also recorded an interest income of ₹10 crore in the year 2025. This, combined with its operating revenue, led to a total income of ₹240 crore, which is a major increase from the ₹119 crore total income that the company recorded last fiscal year. This rapid expansion in the top-line has been matched by the vigorous approach that the company has taken in the business in the quest to secure market share and brand awareness, but because of this, the company has found itself in an equally increased financial liability. The current assets of the firm were of ₹204 crore in FY25, and this was backed by cash and bank balances amounting to ₹72.5 crore.
The high growth rate of the business model of Mokobara has led to the fact that the expenditure on various categories of spending has significantly increased. Procurement was the highest single cost to the luggage brand and increased by 91% to ₹109 crore. This purchase expense constituted around 43% of the total spending at the company in FY25. At the same time, brand visibility had also been heavily invested, the amount of advertising expenditure had increased by 88 percent to ₹46 crore.
There was also a significant increase in the human capital investment, with the expenses on employee benefits surging to nearly ₹25 crore. Other significant operating expenses were the logistics expenses, which were ₹11 crores, and the warehousing expenses were ₹8 crores. The net company expenditure increased more than two times, as a total of ₹251 crore was incurred during FY25 as compared to ₹123 crore in the previous year.
With Mokobara focusing on growth and offline expansion, the bottom line has been experiencing the pressure of the rising costs of operation. The company had recorded a net loss of ₹10 crore on FY25 compared to the ₹4 crore loss experienced on FY24. The performance metrics of the company reveal that the Return on Capital Employed (ROCE) and EBITDA margin were reported to be -11.61% and -6.52%, respectively.
In unit economic terms, the information suggests that Mokobara utilizes ₹1.09 in generating every single rupee of operating revenues in the financial year. These numbers indicate that, though the company is effectively taking up mind space and market share, the expenses of developing an offline presence and driving sales have postponed the accomplishment of breakeven.
In total, Mokobara has increased about $24 million in financing. Sauce, Saama Capital, and Peak XV Partners are the major names that top its list of investors. Mokobara competes with such brands as Nasher Miles, Zouk Bags, and Acefour Accessories in the ever-more-congested luggage and accessories industry, which has experienced considerable disruption and entry of a number of new competitors since 2020. The trend of outsourcing production and design has enabled numerous companies to access the sector, resulting in a buyer market where brands are having to vie against each other with regard to gaining consumer attention by positioning themselves differently and offering high-quality products.
The trajectory of Mokobara shows that it is heavily aimed at achieving large-scale growth in the premium travel segment. The company has significant cash reserves and a solid growth pace, which makes it look quite likely that it will cross the ₹500 crore revenue milestone, which may be achieved as early as FY26 or FY27, without any urgent need to raise funds.
The way ahead is to schedule high growth and stabilize the costs involved with its expanding offline presence. With the company still slicing and dicing the market among the discerning customers, the industry watchers are left wondering whether Mokobara will still pursue its independent growth strategy, or if it will one day be acquired by a consolidating industry.