Summary:

  • Founded in 2017 by the entrepreneurial trio of Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga.

  • This round was led by Singularity Early Opportunities Fund, Narendra Rathi from SoftBank Vision Fund, Sulabh Arya of Goldman Sachs Growth Equity, and Mohit Goyal from CVC Capital Partners.

  •  Nasher Miles plans to open 3-5 exclusive brand outlets within the current financial year, further solidifying its market presence.

Nasher Miles, a dynamic digital-first luggage brand, has successfully secured $4 million in its bridge round to Series A from an impressive roster of investors, including Singularity Early Opportunities Fund, Narendra Rathi from SoftBank Vision Fund, Sulabh Arya of Goldman Sachs Growth Equity, and Mohit Goyal from CVC Capital Partners. This new influx of capital comes at a post-money valuation of $30 million, marking a significant milestone for the Mumbai-based startup.

Earlier in February, Nasher Miles had garnered attention and funds from all five judges on Shark Tank India-3, achieving a valuation of Rs 200 crore ($23.8 million). This notable investment underscored the brand’s potential and the confidence investors have in its future growth trajectory.
The freshly raised funds are earmarked for bolstering Nasher Miles’ omnichannel expansion plans. The company aims to significantly enhance its offline presence, targeting an ambitious goal of being available in 1,000 multi-brand outlets across India by the end of the year. In addition to this widespread availability, Nasher Miles plans to open 3-5 exclusive brand outlets within the current financial year, further solidifying its market presence.

Beyond expanding its retail footprint, Nasher Miles is also focusing on strengthening its quick commerce presence in select cities. This strategy involves optimizing delivery times and enhancing customer convenience, thereby improving overall customer experience and satisfaction. Additionally, the brand is ramping up its production capacity in India, with a goal of achieving 70-75% domestic manufacturing by December 2024. This move not only supports local industries but also aligns with broader trends of increasing self-reliance in manufacturing.

Founded in 2017 by the entrepreneurial trio of Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles has carved out a niche in the competitive luggage market. The brand offers a diverse range of products, including corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and a variety of accessories like luggage covers, neck pillows, masks, and backpack rain covers. These products are available in a range of customized prints and colors, appealing to a wide array of customer preferences.

In just two and a half months, Nasher Miles has appointed over 20 distributors nationwide and established a presence in 150 stores. This rapid expansion demonstrates the brand’s effective distribution strategy and strong market demand for its products. The company projects that its offline channel will become a $12 million revenue stream in the next financial year, reflecting its robust growth potential.

Nasher Miles’ journey from an internet-first brand to a significant player in both online and offline retail is a testament to its innovative approach and strategic vision. By focusing on omnichannel expansion, enhancing quick commerce capabilities, and increasing domestic manufacturing, the brand is well-positioned to capture a larger market share and continue its growth trajectory. The recent funding round not only provides the necessary capital to fuel these initiatives but also signals strong investor confidence in the brand’s future.

As Nasher Miles continues to expand and evolve, it remains committed to providing high-quality, stylish, and functional travel solutions to its customers. With a clear vision and strategic roadmap, the brand is poised to make significant strides in the luggage market, both in India and internationally.