It has several meanings: 

1) Mamarracho means something ‘Not perfect’.

2) The word comes from the arabian ‘Bouffon’ meaning the one who was allowed to entertain the king.

3) Mamarracho in some Latinamerican countries mean the signature (autograph) people ask from you when you become famous.

4) As the group was first created by a mum we also like ‘Mama’ in the name, and when it was first created we thought it did not have to be perfect as long as it was run with passion and love.