D2C Travel Luggage Brand ‘Nasher Miles’ Gets $4 Mn Funding from Investors

More than 40 investors took part in the funding round, including well-known figures like Mohit Goyal, the former managing director of CVC Capital Partners, Sulabh Arya, the executive director of Goldman Sachs Growth Equity, and Narendra Rathi, the investment director of SoftBank Vision Fund.

The company intends to scale up its omnichannel expansion with the additional funding, bolstering its rapid commerce footprint in many cities and increasing domestic production to 75%.

With the money raised, the business intends to open three to five exclusive brand stores this fiscal year and increase its offline presence to 1,000 multi-brand outlets throughout India by year’s end.

In order to set the ground for our Series A round later this year or early next year, we have purposefully chosen to do a smaller raise at a fair value. We can keep up our growing momentum with this strategy as we get ready for a more extensive expansion,” Daga said.

After raising $4 million (about INR 32.8 crore) in a bridge funding round from a number of private equity companies, friends, and family offices, D2C baggage brand Nasher Miles’ valuation shot to $30 million (around INR 246 crore).

Related: Nasher Miles’ Shark Tank India Success: 3 Crore Investment, 1% Royalty Deal

Established in 2017 by Lokesh Daga, Abhishek Daga, and Shruti Kedia Daga, Nasher Miles manufactures and distributes a range of duffle bags, backpacks, and hard and soft side baggage. The business has recently started producing masks and baggage covers.

In just two and a half months, Nasher Miles has built a presence in 150 outlets and appointed over 20 distributors nationally.

The business estimates that in the upcoming fiscal year, its offline channel will bring in $12 million.

According to Lokesh Daga, co-founder of Nasher Miles, “our objective is to become a true omnichannel brand present across all possible sales channels in India.”

By FY’28, Nasher Miles hopes to generate over $60 million (about INR 492 crore) in revenue. It faces competition from programs like Eume, Mokobora, and uppercase, among others.

This occurs at a time when investors are showing a lot of interest in D2C brands.

For example, Mokobara, funded by Peak XV Partners, raised $12 million (about INR 100 crore) in a new funding round in February.

ICON, a direct-to-consumer startup selling luggage and travel items, revealed in May that it had raised $1.2 million (about INR 10 Cr) in seed money, with help from a number of angel investors.

EUME, a manufacturer of D2C baggage, raised INR 15 Cr ($1.7 Mn) in a pre-series last month. a fundraising round that was spearheaded by renowned financier Ashish Kacholia, who provided 80% of the total sum. The fundraising round’s strategic advisor was Kennis Ventures.

A research estimates that by 2025, the expanding D2C market in India would be valued at $100 billion, and by 2030, it will hold 75% of the $400 billion e-commerce market opportunity, or $300 billion.