Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), Mohit Goyal (CVC Capital Partners), and other investors contributed $4 million to Nasher Miles, a digital-first luggage brand.
The funds were raised, according to the company, at a $30 million post-money valuation. The Bombay-based startup received funding earlier in February of this year, valued at Rs 200 crore ($23.8 million), from all five of the Shark Tank India-3 judges.
The funds that were raised will help Nasher Miles with its plans for omnichannel growth. It plans to open three to five exclusive brand outlets this fiscal year in addition to growing its offline presence to 1,000 multi-brand locations throughout India by the end of the year.
Furthermore, Nasher Miles intends to boost its quick commerce presence in a few cities and expand its Indian production capacity, with a goal of 70–75% domestic manufacturing by December 2024.
The internet-first travel bag and luggage brand Nasher Miles was introduced in 2017 by Shruti Kedia, Lokesh, and Abhishek Daga. Its product catalog features a variety of customized prints and colors in business backpacks, outdoor travel bags, luggage sets, laptop roller cases, and accessories like luggage covers, neck pillows & masks, backpack rain covers, and more.
In just two and a half months, Nasher claims to have appointed over 20 distributors nationwide and established a presence in 150 stores. The company anticipates that in the upcoming fiscal year, its offline channel will generate $12 million in revenue.
