Nasher Miles, a luggage brand raises USD 4 million bridge round, valuing the company at USD 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 USD 25.32 million represents a modest 5.5 per cent 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 and 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.
"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 USD 60 million by FY 2028.
