After raising $4 Mn (around INR 32.8 Cr) in a bridge funding round D2C luggage brand Nasher Miles’ valuation jumped to $30 Mn (around INR 246 Cr)
The company plans to use the fresh funds to scale for its omnichannel expansion, strengthening its quick commerce presence across cities and enhancing domestic manufacturing up to 75%
According to an Inc42 report, the growing Indian D2C market is likely to reach a size of $100 Bn by 2025
D2C luggage brand Nasher Miles’ valuation jumped to $30 Mn (around INR 246 Cr) after it had raised $4 Mn (around INR 32.8 Cr) in a bridge funding round from a host of private equity firms, friends and family offices.
SoftBank Vision Fund’s investment director Narendra Rathi, Goldman Sachs Growth Equity’s executive director Sulabh Arya and CVC Capital Partners’ former managing director Mohit Goyal participated in the round.
The company plans to use the fresh funds to scale for its omnichannel expansion, strengthening its quick commerce presence across cities and enhancing domestic manufacturing up to 75%.
Founded in 2017 by Lokesh Daga, Abhishek Daga and Shruti Kedia Daga, Nasheer Miles produces and markets a variety of hard side and soft side luggage, backpacks, and duffle bags. The company has recently forayed into the production of luggage covers and masks.
“We’ve strategically opted for a smaller raise at a reasonable valuation, setting the stage for our Series A round later this year or early next year. This approach allows us to maintain our growth momentum while preparing for larger-scale expansion,” said Daga.
Nasher Miles aims to achieve a revenue of over $60 Mn (around INR 492 Cr) by FY’28.
It competes against the likes of Mokobora, uppercase and Eume among others.
This comes at a time when D2C brands are seeing a lot of traction from investors.
For instance, in February Peak XV Partners-backed Mokobara raised $12 Mn (around INR 100 Cr) in a fresh funding round.
In May, D2C luggage and travel accessories startup ICON announced a $1.2 Mn (around INR 10 Cr) seed funding led by DSG Consumer Partners with participation from a clutch of angel investors.
Last Month D2C luggage maker EUME raised INR 15 Cr ($1.7 Mn) in a pre-series A funding round led by ace investor Ashish Kacholia, who contributed 80% of the total amount. Kennis Ventures served as the strategic advisor for the funding round.
According to an Inc42 report, the growing Indian D2C market is likely to reach a size of $100 Bn by 2025 and is expected to account for 75% or $300 Bn of the $400 Bn ecommerce market opportunity by 2030.
