The bridge round attracted over 40 investors, including angels, private equity fund managers, friends and family.
New Delhi: Mumbai-based luggage brand Nasher Miles has raised $4 million in funding in a bridge round at a valuation of $30mn, a release by the company said on Thursday.
“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,” said Lokesh Daga, co-founder, of Nasher Miles.
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 funds will be used to support Nasher Miles’ 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 over 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 $12 million revenue stream in the next financial year.
Looking ahead, Nasher Miles aims to achieve a revenue of over $60 million by FY 2028, establishing itself as a true omnichannel brand present across all possible sales channels in India.
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 colours and designs.
