Indian direct-to-consumer luggage and travel accessories brand Mokobara has reported a strong financial performance for the financial year ended March 2025, with its revenue from operations nearly doubling to ₹230 crore. The company had recorded ₹117 crore in revenue in the previous financial year, making FY25 a standout year for the fast-growing travel gear startup.
The impressive growth reflects rising domestic travel, increasing preference for premium yet functional luggage, and Mokobara’s expanding presence across online and offline channels in India.
Core Business Performance Sees Sharp Rise
Mokobara’s primary revenue continues to come from the sale of suitcases, backpacks, handbags, and travel accessories. The company has successfully positioned itself as a design-first brand catering to urban Indian consumers, especially millennials and frequent travellers.
Along with operational revenue, Mokobara also earned additional income from interest and other sources, taking its total income for FY25 to around ₹240 crore. The near-100% year-on-year jump shows strong market traction and growing brand recall in a competitive segment.
Rising Costs Impact Bottom Line
While revenue growth remained solid, Mokobara’s expenses increased at an even faster pace during FY25. Total expenditure rose sharply to ₹251 crore compared to ₹123 crore in FY24.
The cost of procurement emerged as the biggest expense, exceeding ₹100 crore, as the company scaled up inventory to meet higher demand. Advertising and marketing spends also climbed significantly as Mokobara continued to invest heavily in brand visibility across digital platforms and offline campaigns.
Employee benefit expenses, logistics costs, and warehousing charges increased as well, reflecting business expansion and offline retail growth. Due to these rising costs, Mokobara reported a net loss of approximately ₹10 crore in FY25, compared to a loss of around ₹4 crore in the previous year.
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Profitability Metrics Still Under Pressure
Despite strong topline growth, Mokobara’s profitability indicators remained under stress. The company recorded a negative EBITDA margin and a negative return on capital employed, indicating that it is still in an investment-heavy growth phase.
On a unit economics level, Mokobara spent slightly more than ₹1 to earn every ₹1 of revenue. This suggests that the company will need to improve operational efficiencies, optimise marketing spend, and scale mature revenue streams to move closer to profitability.
Healthy Cash Reserves Support Expansion Plans
One of the key positives in Mokobara’s financials is its strong liquidity position. The company ended FY25 with over ₹70 crore in cash and bank balances and substantial current assets. This provides sufficient financial runway to support expansion plans without immediate funding pressure.
The brand has raised close to $24 million in funding so far from institutional investors, enabling it to strengthen its supply chain, open offline stores, and invest in product innovation.
Competitive Market and Future Outlook
Mokobara operates in a rapidly growing yet competitive luggage and lifestyle accessories market, facing competition from both legacy players and new-age D2C brands. However, rising travel frequency, airport modernisation, and increasing disposable income continue to expand the overall market opportunity.
Industry observers believe Mokobara is well-placed to push towards the ₹500 crore revenue mark in the next few years if growth momentum continues and costs stabilise. The company’s ability to balance brand building with profitability will play a crucial role in shaping its next phase of growth.
Overall, Mokobara’s FY25 numbers highlight a fast-scaling Indian consumer brand navigating the classic startup trade-off between growth and profitability—while firmly establishing itself in India’s premium travel gear segment.