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 has the  participation of 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. 

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 be opening 3 to 5 brand outlets this  financial year. The post-money valuation of the company was around $30 million. The Mumbai-based  startup also secured funds from five judges of Shark Tank India Season 3 with a valuation of $23.8  million. The company also 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. 

Nasher Miles 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 great product design with quality and value meeting customer and  market demands. This D2C startup plans to increase its brand presence. The company has secured a  total funding of $5.05 million since its inception across 4 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 brand outlets. The company also focuses on expanding  its product range and enhancing its brand presence. The investment shows the investor’s trust in  Nasher Miles market potential and business model. The company is targeting a revenue of $60 million  by FY28.