Why did we invest in Mokobara?
Imagine the excitement of embarking on a long-awaited trip, only to have your suitcase's wheel break at the airport. The frustration is not just about a broken wheel; it's about how it dampens your entire travel experience. Mokobara steps in to address this misfortune with its range of high-quality travel bags, combining functionality with flair.
Good-quality luggage can make all the difference for a traveler from experiencing a seamless journey to a painful one. Gone are the days when luggage was merely a container for your belongings. It's now a statement piece, a companion through airports and hotels, throughout your journey. As this realization is spreading, people now want luggage that's not only practical but also fits their style. Yet, the existing market leaders often come with a hefty price tag.
Inception of Mokobara
In 2019, Sangeet Agrawal and Navin Parwal, former colleagues at Urban Ladder, gave life to Mokobara. This modern luggage brand emerged like a "pandemic baby," conceived during a moment of personal frustration. Sangeet was on a trip when his luggage broke, and while choosing the correct luggage for himself from a long list of suitcases, he realized that none of them fit well for modern travelers. They were either boring and sturdy, or fashionable and weak - and, if they were both, they were unaffordable. This realization became the catalyst for Mokobara, a brand aimed at crafting luggage, bags, and travel accessories that not only solve travel-related challenges but also enhance the traveler's everyday aesthetic.
Mokobara is not just limited to luggage but aims to transform travel accessories from backpacks, totes, slings and wallets. They aim to identify real travel pain points, and design solutions based on that, while keeping modern design elements in mind.
Increasing Demand
According to the World Travel and Tourism Council (WTTC), in 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. The country ranked 10th among 185 countries in terms of travel and tourism’s total contribution to GDP in 2019. India’s tourism sector’s direct contribution to the GDP is expected to record an annual growth rate of 10.35% between 2019 and 2028. Revenue in the Luggage and Bags segment amounts to US$12.74 billion in 2022. The market is expected to grow annually by 7% (CAGR 2022-2026).
The Travel and tourism sector contributed significantly to global GDP, indicating a post-COVID-19 boom in the Indian market. This resurgence, combined with Mokobara's consumer-centric designs, has driven remarkable growth. Its sales have had a 4.35x growth in FY23 as compared to FY22, and have experienced a 109% growth in revenue in Mar’23 as compared to Apr’22. Over FY23, their team grew from 12 to 40+ members, and they have successfully launched 80+ SKUs.
Unceasing Innovation
Mokobara pays attention to what people are saying, tweaking their designs and products to match what customers need. Their products are made with the idea of 'lagom', which means not too much or too little. They want to find the right balance between looking cool and being useful. They've struck that perfect balance – creating visually exciting stuff that works great. At Mokobara, customer love directly drives product innovation: for example, when women started buying the Cabin Duffle bags to take to work, they created a smaller version called the Daily Work Bag.
Mokobara keeps the surprises coming. One of their fantastic ideas was the dual-toned hardshell – a fresh concept for them and the whole Indian market. They designed the front and back shells in different colors, creating something really special. Mokobara has outgrown being just a luggage brand; they offer a bunch of cool collectibles. Their bag collection has grown by a whopping 129% thanks to premium backpacks and the transit range.
We’re so excited to be on this journey with the founders and can’t wait for Mokobara to become the go-to brand for all Indian travelers!
