Nasher Miles
| Company type | Private |
|---|---|
| Industry | Luggage |
| Founded | 2017 |
| Founders | Shruti Kedia Daga, Lokesh Daga, Abhishek Daga |
Area served | India |
Key people | Lokesh Daga, Abhishek Daga, Shruti Kedia Daga and Anil Verma |
| Products | Luggage, backpacks, travel accessories |
| Revenue | ₹100 crore (2023–2024) |
| Website | nashermiles.com |
Nasher Miles is an Indian luggage and travel accessories company, founded in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga.[1] Headquartered in Mumbai, the company operates primarily through online marketplaces, offering a range of travel products such as hard-sided luggage, backpacks, and travel accessories.[2] The brand is recognised for its use of vibrant designs and for securing an all-shark deal on Season 3 of Shark Tank India.[3]
History
[edit]Nasher Miles was founded in 2017 to address the perceived lack of stylish and innovative luggage options in the Indian market. The idea was sparked during the founders’ own travel experiences, where they observed the uniformity in luggage designs and colours at baggage carousels.[4]
Initially operating as a digital-first brand, Nasher Miles gained traction on platforms like Amazon and Flipkart. Today, the brand is available across more than 1,000 retail stores across the country.[5]
In 2024, Nasher Miles appeared on Shark Tank India Season 3, where it secured investments from all five judges, achieving a valuation of ₹200 crore.[6][7] The company also secured $4 million in a bridge funding round to Series A, with investments from Singularity Early Opportunities Fund and prominent individual investors.[8][9]
Products
[edit]The company offers a variety of luggage and travel accessories, including:
- Hard-sided luggage made from materials like polycarbonate and polypropylene for durability.
- Soft-sided luggage crafted with lightweight fabrics.
- Backpacks for different age groups.
- Kids' luggage.
- Travel accessories, including neck pillows, luggage covers, and rain covers.
Business Strategy and Expansion
[edit]Nasher Miles initially operated as an e-commerce-focused brand, selling its products on its official website and major platforms such as Flipkart, Amazon India, Myntra, Jiomart, Ajio, Nykaa Fashion, and Firstcry. The company has since diversified into omnichannel retail. It is among the first luggage brands to offer products on quick commerce platforms, including Zepto, Blinkit, Swiggy Instamart, and BigBasket.[10]
Nasher Miles plans to establish 1,000 multi-brand outlets and open exclusive retail stores by 2025. The company has also set a target to increase its domestic manufacturing to 75% by the end of 2024.[11][12]
Financial Performance
[edit]As of 2023–2024, Nasher Miles reported revenues exceeding ₹80 crore, with a consistent annual growth rate of 80–100%. By 2028, the company targets ₹600 crore in revenues, aiming to capture a 10% market share across Indian e-commerce platforms.[13]
References
[edit]- ^ "Shark Tank India 3: From zero funding to Rs 200 cr valuation, how this Mumbai startup got All 5 Shark deal". Zee Business. 2024-02-14. Retrieved 2024-12-12.
- ^ "Luggage brand Nasher Miles kicks off funding discussions, hires banker". VCCircle. Retrieved 2024-12-12.
- ^ Koul, Priyanka (2024-02-17). "This Mumbai-based Startup Bags Rs 200 Crore Deal: Shark Tank India S3". NewsX World. Retrieved 2024-12-12.
- ^ Vishwakarma, Sumit. "Luggage brand Nasher Miles secures Rs 3 crore in funding on Shark Tank India at Rs 200 crore valuation". indianstartupnews.com. Retrieved 2024-12-12.
- ^ IN, FashionNetwork com. "Nasher Miles launches campaign with Rishabh Pant". FashionNetwork.com. Retrieved 2024-12-12.
- ^ "Shark Tank India 3: From zero funding to Rs 200 cr valuation, how this Mumbai startup got All 5 Shark deal". Zee Business. 2024-02-14. Retrieved 2024-12-12.
- ^ "Nasher Miles Shark Tank India Episode Review - Shark Tank Audits". 2024-02-11. Retrieved 2024-12-12.
- ^ "MSN". www.msn.com. Retrieved 2024-12-12.
- ^ "D2C luggage brand Nasher Miles raises $4 million in bridge round". The Economic Times. 2024-07-25. ISSN 0013-0389. Retrieved 2024-12-12.
- ^ Ranjan, Garima (2024-07-25). "Nasher Miles Pockets $4 Mn To Disrupt D2C Luggage Space". Inc42 Media. Retrieved 2024-12-12.
- ^ www.ETRetail.com. "Luggage brand Nasher Miles plans aggressive offline expansion - ET Retail". ETRetail.com. Retrieved 2024-12-12.
- ^ Bureau, Indiaretailing (2024-09-24). "Nasher Miles to be present in 1,000 retail stores by the end 2024". India Retailing. Retrieved 2024-12-12.
{{cite web}}:|last=has generic name (help) - ^ Staff, Entrepreneur (2024-07-26). "Nasher Miles and Mayhem Studios Raise Funding". Entrepreneur. Retrieved 2024-12-12.