Nasher Miles, a digital-first luggage brand, has successfully raised $4 million in a bridge round to Series A. The funding round was led by Singularity Early Opportunities Fund and prominent investors including Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (CVC Capital Partners), among others.
The funds were raised at a post-money valuation of $30 million. Earlier this year, in February, the Mumbai-based startup received investment from all five judges of Shark Tank India-3, securing a valuation of ₹200 crore ($23.8 million).
The new capital will fuel Nasher Miles’ omnichannel expansion strategy. The company plans to enhance its offline presence by establishing 1,000 multi-brand outlets across India by the end of the year. Additionally, it aims to open 3-5 exclusive brand outlets within the current financial year.
Nasher Miles also intends to bolster its quick commerce capabilities in select cities and ramp up its production capacity in India. The goal is to achieve 70-75% domestic manufacturing by December 2024.
Founded in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles is an internet-first brand specializing 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.
The company has rapidly expanded its distribution network, appointing over 20 distributors nationwide and establishing a presence in 150 stores within just two and a half months. Nasher Miles anticipates that its offline channel will generate $12 million in revenue in the upcoming financial year.
The recent funding and strategic plans highlight Nasher Miles’ commitment to expanding its market footprint and enhancing its product offerings in the competitive luggage industry.
