Luggage brand Nasher Miles bags $4 Mn in bridge round

Nasher Miles, a digital-first luggage brand, has raised $4 million in its bridge round to Series A from Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity) and Mohit Goyal (CVC Capital Partners) amongst others. 

As per the company, the funds raised at a post money valuation of $30 million. Earlier in February this year, the Mumbai-based startup had raised funds from all five judges in the Shark Tank India-3 by securing a valuation of Rs 200 crore ($23.8 million).

The proceeds will be used to support Nasher Miles' omnichannel expansion plans. It aims to expand its offline presence to 1,000 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. 

Launched in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga,  Nasher Miles is an internet-first brand of travel bags & luggage. Its product catalog includes corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and accessories like luggage covers, neck pillows & masks, backpack rain covers, and more of different customized prints and colors.

Nasher claims to have appointed over 20 distributors nationwide and established a presence in 150 stores within just two and a half months. The firm projects its offline channel to become a $12 million revenue stream in the next financial year.