Nasher Miles Has Raised ₹3 Crore From Shark Tank India S3

Nasher Miles has raised ₹3 crore for 1.5% equity from Shark Tank India Season 3. Anupam, Vineeta, Ritesh, Aman, and Namita (All Sharks) invested in this startup. Pitchers made an ask for ₹3 crore for 0.75% equity. And the deal was done with ₹3 Crore for 1.5% Equity +1% Royalty Until ₹3 Crore is Recouped.

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About the Nasher Miles:

Nasher Miles is a New Age Luggage Brand, which sells Hard Side Bags, Soft Side Bags and Backpacks. They sell bags in over 100 new and unique colours, promising style, variety and fashion.

The word Nasher comes from the Persian language, which is derived from the word “Nasher Kardan” and means to publish. Nasher Miles means publishing every mile of a traveller in a spectacular form.

About the founders:

The founders of the company are Lokesh Daga, Shruti Kedia Daga & Abhishek Daga. Lokesh Daga has studied Bachelor Of Technology In Computer Science. After that, he did a Masters from SP Jain Institute of Management & Research. He has prior experience leading and managing diverse departments in multiple locations and was the co-founder of GoTo Style Mart before Nasher Miles.

Abhishek Daga, with a Bachelor of Engineering from Somaiya Vidyavihar University and a Master of Science degree from Arizona State University, brings extensive business leadership experience. He has served as Director at MFour Advisory Private Limited.

Shruti Kedia Daga holds a BMS degree from Mumbai University and has pursued Digital Marketing at the Indian School of Business. Additionally, she completed a Master’s degree in Marketing at SP Jain Institute of Management & Research. Before launching her current business, she gained experience in marketing and business development roles.

Nasher Miles Business Statistics:

Nasher Miles was started in 2017. There are over 100 shades available in this company, including colours you won’t see anywhere else. Nasher Miles products fall in the range of ₹2700 to ₹3200. They have done a business of ₹52.9 crore so far. Co-founders Lokesh Daga and Abhishek Daga take home a salary of ₹ 7 lakh per month and Shruti Kedia Daga takes home ₹ 5.75 lakh. Nasher Miles’s target audience is 25 to 34 years and the marketing spend is 14%.

Nasher Miles has demonstrated impressive sales growth over the years, starting at ₹2.18 crore in FY 17-18 and reaching ₹15.75 crore in FY 18-19. Subsequent years saw further expansion, with revenues climbing to ₹22.73 crore in FY 19-20, dipping slightly to ₹12.5 crore in FY 20-21, before surging to ₹23.7 crore in FY 21-22. The company experienced a significant leap in FY 22-23, reaching ₹52.9 crore in sales, albeit with an EBITDA of -12.4%. By October of FY 23-24, sales had already reached ₹57 crore, with a projected figure of ₹100 crore for the full fiscal year.

Sales distribution indicates that 90% of sales come from marketplace platforms, while the remaining 10% are generated through the company’s own website.

The equity structure of Nasher Miles is divided among its key stakeholders as follows: Abhishek Daga holds 50%, Lokesh Daga holds 45%, and Shruti Kedia Daga holds 5%.

The Business Vision of Nasher Miles:

Nasher Miles said that bags that come in different colours have the most variety, and they offer some of the most unique-looking luggage products on the market.

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