Nasher Miles is a D2C startup that is an internet-first brand of luggage and travel bags. The startup secured $4 million in its bridge funding round for the series A round. The funding round involved various investors, including Singularity Early Opportunities Fund, Narendra Rathi of Softbank Vision Fund, CVC Capital Partner Mohit Goyal, and Sulabh Arya of Goldman Sachs Growth Equity. We are discussing D2C Luggage Brand Nasher Miles secured $4 million in its bridge round led by the Singularity Early Opportunities Fund and more.
We are discussing D2C Luggage Brand Nasher Miles secured $4 million in its bridge round led by the Singularity Early Opportunities Fund and more:
The company plans to use these fresh proceeds to scale its production, enhance its platform, and support omnichannel expansion plans. The startup focuses on developing its offline presence with over 1,000 multi-brand outlets across India. Nashar Miles will open 3 to 5 brand outlets this financial year. The company’s post-money valuation was around $30 million.
The Mumbai-based startup also secured funds from five Shark Tank India Season 3 judges, valued at $23.8 million. The company intends to strengthen its quick-commerce presence and increase its product capability, with a target of around 75 percent domestic manufacturing this year. The founder of Nasher Miles mentioned that the company opted for a smaller round to create a bridge toward a series A round. This will enable the startup to prepare for large-scale expansion while growing momentum.
This luggage brand was founded by Shruti Kedia Dada, Abhishek Daga, and Lokesh Dada in 2017. The company provides a variety of bags like luggage sets, corporate backpacks, laptop roller cases, and outdoor travel bags. The accessories include neck pillows, masks, luggage covers, backpack rain protection covers, and other customized prints. The company claims to operate nationwide with 20 distributors. The firm has set up around 150 stores in just two and half month intervals. Nashar Miles expects its revenue stream to reach 12 million USD in the next fiscal year.
The Mumbai-based startup offers excellent product design with quality and value, meeting customer and market demands. This D2C startup plans to increase its brand presence. Since its inception, the company has secured a total funding of $5.05 million across four rounds, including the $4 million secured during this bridge round. The startup aims to reach a revenue of $60 million by FY28. The luggage brand competes with other brands, including EUME, uppercase, assembly, and Arctic Fox.
Conclusion
Internet-first D2C luggage startup Nasher Miles secured $4 million in its bridge round from several investors, including Singularity Early Opportunities Fund, CVC Capital Partner Mohit Goyal, Softbank Vision Fund, and Sulabh Arya of Goldman Sachs Growth Equity. The startup intends to use this fresh capital for market expansion of 1,000 multi-brand outlets across India. The brand aims to expand its omnichannel presence and establish 3 to 5 new outlets. The company also focuses on expanding its product range and enhancing its brand presence. The investment shows the investor’s trust in Nasher Mile’s market potential and business model. The company is targeting a revenue of $60 million by FY28.
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