Nasher Miles secures US$4 million in bridge round, valuing company at US$30 million

 

Nasher Miles secures US$4 million in bridge round, valuing company at US$30 million

 

July 2024: Nasher Miles, a digital-first luggage brand known for its vibrant and stylish designs, today announced the successful completion of a US$4 million bridge round, valuing the company at US$30 million. This strategic funding round positions Nasher Miles for accelerated growth and expansion following their recent triumph on Shark Tank India.

 

The bridge round attracted over 40 investors, including angels, private equity fund managers, and friends and family. Some of the marquee names from amongst the investors include Singularity Early Opportunities Fund, Narendra Rathi (Investment Director at SoftBank Vision Fund), Sulabh Arya (Executive Director at Goldman Sachs Growth Equity) and Mohit Goyal (Ex- Managing Director at CVC Capital Partners) amongst others. The diverse investor base reflects the strong confidence in Nasher Miles' business model and growth potential. The company's pre-money valuation of US$25.32 million represents a modest 5.5% premium over its Shark Tank valuation, underscoring the brand's commitment to sustainable growth. A good part of this funding was raised with the help of Avinash Rajpal.

Lokesh Daga, Co-founder & Director of Nasher Miles, said, "This funding round is a testament to the strength of our brand and our vision for the future. We've strategically opted for a smaller raise at a reasonable valuation, setting the stage for our Series A round later this year or early next year. This approach allows us to maintain our growth momentum while preparing for larger-scale expansion."

 

The newly acquired funds will primarily support Nasher Miles' ambitious omnichannel expansion plans. The company aims to expand its offline presence to 1000 multi-brand outlets across India by the end of the calendar year, while also opening 3-5 exclusive brand outlets this financial year. Additionally, Nasher Miles plans to strengthen its quick commerce presence in select cities and increase its production capacity in India, targeting 70-75% domestic manufacturing by December 2024. These strategic initiatives are designed to solidify Nasher Miles' position in the market and drive sustainable growth across multiple channels.

 

Nasher Miles has already made significant strides in its offline journey, appointing 20+ distributors nationwide and establishing a presence in 150 stores within just two and a half months. The company projects its offline channel to become a US$12 million revenue stream in the next financial year.

 

"Our USP is variety. We see ourselves as a fashion player in the luggage industry, offering an unparalleled range of colors and designs. This funding will enable us to bring our innovative products to more customers across India through multiple channels." Daga added.

 

Looking ahead, Nasher Miles aims to achieve a revenue of over $60 million USD by FY 2028, establishing itself as a true omnichannel brand present across all possible sales channels in India.

 

 

About Nasher Miles

Nasher Miles is a new-age D2C luggage brand committed to making travel easy and efficient with its cool designs and vast range of colors. The company envisions becoming India's largest and most trusted  luggage brand through its series of durable and stylish luggage products that simplify and enhance travel experiences. With a constant focus on aesthetics like a vast range of colors, cool designs, durability, and functionality, Nasher Miles has become the preferred choice for modern travelers across the country. Launched in 2017, it is the brainchild of Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga. The idea behind launching Nasher Miles was seeded in the founders' minds when they saw an opportunity to bring a sea change in the way we choose our travel gear by replacing dull monotonous luggage with our range of colors and designs.