Nasher Miles, a leading digital-first luggage brand known for its vibrant and stylish designs, has successfully raised $4 million in a bridge funding round. This latest infusion of capital brings the company’s valuation to $30 million, positioning Nasher Miles for accelerated growth and expansion following its recent success on Shark Tank India.
The bridge round attracted more than 40 investors, including prominent figures such as 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). This diverse group of investors underscores strong confidence in Nasher Miles’ business model and growth potential. The company’s pre-money valuation of $25.32 million reflects a 5.5 percent premium over its Shark Tank valuation, demonstrating the brand’s commitment to sustainable growth. Much of this funding was facilitated by Avinash Rajpal.
Lokesh Daga, Co-founder & Director of Nasher Miles, expressed his enthusiasm for the funding round, stating, “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. 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.”
The newly acquired funds will primarily support Nasher Miles’ ambitious omnichannel expansion plans. The company aims to increase its offline presence to 1,000 multi-brand outlets across India by the end of the calendar year and open 3-5 exclusive brand outlets this financial year. Additionally, Nasher Miles plans to enhance its quick commerce presence in select cities and boost its production capacity in India, with a goal of achieving 70-75 percent domestic manufacturing by December 2024. These strategic initiatives are designed to strengthen Nasher Miles’ market position and foster sustainable growth across various channels.
Nasher Miles has already made significant progress in expanding its offline presence, appointing over 20 distributors nationwide and establishing a presence in 150 stores within just two and a half months. The company projects that its offline channel will generate $12 million in revenue in the next financial year.
Looking ahead, Nasher Miles aims to achieve over $60 million in revenue by FY 2028, aspiring to establish itself as a leading omnichannel brand present across all possible sales channels in India.
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