Mokobara, an Indian direct-to-consumer luggage and travel accessories brand, nearly doubled its revenue from operations in FY25 to ₹230 crore, driven by rising domestic travel demand, a shift towards premium functional luggage, and broader online and offline distribution.
Core business and revenue mix
The company’s primary sales continue to come from suitcases, backpacks, handbags and travel accessories, with positioning focused on design-led products for urban consumers, particularly millennials and frequent travellers. Including interest and other income, Mokobara’s total income for FY25 was around ₹240 crore, up from about ₹117 crore in the prior year.
Costs rose faster than sales
Despite robust top-line growth, total expenditure jumped to ₹251 crore in FY25 from ₹123 crore in FY24. Procurement costs were the largest contributor, topping ₹100 crore as inventory was scaled up to meet higher demand. Marketing and advertising outlays expanded significantly amid efforts to strengthen brand recall across digital and offline channels.
Other operating costs — including employee benefits, logistics and warehousing — also increased with the company’s offline retail expansion. As a result, Mokobara reported a net loss of roughly ₹10 crore in FY25, widening from a loss of about ₹4 crore a year earlier.
Profitability indicators and unit economics
Profitability metrics remained under pressure: the company posted a negative EBITDA margin and a negative return on capital employed, reflecting an investment-heavy growth phase. On unit economics, Mokobara spent marginally more than ₹1 to earn every ₹1 of revenue, underscoring the need to improve operational efficiencies and optimise marketing spend to move toward profitability.
Liquidity and funding
Mokobara closed FY25 with strong liquidity, holding over ₹70 crore in cash and bank balances alongside substantial current assets, providing a comfortable runway for near-term expansion without immediate funding needs. The brand has raised close to $24 million from institutional investors to date, which has supported supply-chain strengthening, offline store openings and product development.
Market position and outlook
The luggage and lifestyle accessories market in India is expanding rapidly but remains competitive, with legacy manufacturers and new D2C entrants vying for market share. Continued growth in travel frequency, improvements in airport infrastructure and rising disposable incomes are enlarging the addressable market.
Industry observers say Mokobara could target the ₹500 crore revenue mark in the coming years if it sustains growth while bringing costs under control. The company’s ability to balance brand-building investments with disciplined unit economics will be critical to its next phase of scaling.
