Digital-first luggage brand Nasher Miles raises $4 million from investors

Mumbai-based digital-first luggage brand Nasher Miles has raised $4 million in a bridge round of funding at a post-money valuation of $30 million.

The funding round saw participation from over 40 investors, including notable names such as Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (ex-CVC Capital Partners).

Strategic expansion plans

The startup plans to use the raised capital to expand 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 within the current financial year.

Additionally, It aims to bolster its quick commerce presence in select cities and ramp up its domestic manufacturing capacity to 70-75% by December 2024.

Offline presence and growth projections

Within just two and a half months, Nasher Miles has appointed over 20 distributors nationwide and established a presence in 150 stores.

The startup projects that its offline channel will generate $12 million in revenue in the next financial year.

"Our goal is to become a true omnichannel brand present across all possible sales channels in India," said Lokesh Daga, co-founder of Nasher Miles

What does Nasher Miles do?

Founded in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles offers a diverse range of travel gear.

The startup's product catalogue includes corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and accessories like luggage covers, neck pillows, masks, and backpack rain covers. 

Nasher Miles aims to achieve a revenue of over $60 million by FY 2028.

"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," added Lokesh Daga.