Nasher Miles, a prominent digital-first luggage brand, has secured $4 million in a bridge round to Series A funding. The investment came from the Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (CVC Capital Partners), among others.
The company reported that this funding was raised at a post-money valuation of $30 million. Earlier in February, Nasher Miles received investment from all five judges on Shark Tank India-3, achieving a valuation of Rs 200 crore ($23.8 million).
The new funds will support Nasher Miles’ plans for omnichannel expansion. The company aims to increase its offline presence to 1,000 multi-brand outlets across India by the end of this year and open 3-5 exclusive brand outlets within this financial year.
Additionally, Nasher Miles intends to enhance its quick commerce presence in select cities and boost its production capacity within India, aiming for 70-75% domestic manufacturing by December 2024.
Founded in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles specializes in travel bags and luggage. Its product range includes corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and various accessories such as luggage covers, neck pillows, masks, and backpack rain covers, all available in different customized prints and colors.
Nasher Miles claims to have appointed over 20 distributors nationwide and established 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.
