New Delhi: D2C luggage brand Nasher Miles has raised USD 4 million in a bridge round, at a valuation of $30 million, the company said in a press release on Thursday.
The company’s pre-money valuation of USD 25.32 million represents a modest 5.5 per cent premium over its Shark Tank valuation.
The bridge round saw funding from over 40 investors, including angels, private equity fund managers, and friends and family such as Singularity Early Opportunities Fund, Narendra Rathi, Investment Director, SoftBank Vision Fund and Sulabh Arya, ED, Goldman Sachs Growth Equity, amongst others.
“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 Lokesh Daga, co-founder and director, Nasher Miles.
The newly acquired funds will be used for the startup’s omnichannel expansion. The brand is aiming to expand its offline presence to 1,000 multi-brand outlets across the country by the end of the calendar year and open 3-5 exclusive brand outlets this fiscal. Additionally, the luggage maker is aiming to strengthen its presence across quick commerce channels.
Founded in 2017, Nasher Miles currently has 20-plus distributors nationwide and a presence in 150 stores. The company projects its offline channel to become a USD 12 million revenue stream in the next financial year.
