Nasher Miles, a digital-first luggage brand, has successfully raised $4 million in a bridge round to Series A from prominent investors including Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (CVC Capital Partners), among others.
The Mumbai-based startup, valued at $30 million post-money, previously garnered attention in February when it secured funds from all five judges on Shark Tank India Season 3, achieving a valuation of Rs 200 crore ($23.8 million).
Nasher Miles plans to utilize the proceeds to support its ambitious omnichannel expansion strategy. By the end of the year, the company aims to extend its offline footprint to 1,000 multi-brand outlets across India and open 3-5 exclusive brand outlets within this financial year. Additionally, the brand seeks to bolster its quick commerce presence in select cities and enhance its production capacity domestically, targeting 70-75% manufacturing within India by December 2024.
Launched in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles offers a diverse range of travel bags and luggage, including corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and various accessories like luggage covers, neck pillows, masks, and backpack rain covers, all available in a variety of customized prints and colours.
Nasher Miles has quickly scaled its distribution network, appointing over 20 distributors nationwide and establishing a presence in 150 stores within just two and a half months. The firm projects its offline channel to become a $12 million revenue stream in the next financial year.
With this new funding, Nasher Miles is well-positioned to further solidify its market presence and continue its growth trajectory in the competitive luggage industry.
