Nasher Miles secures $4 million in funding round

Nasher Miles, a luggage and accessories brand has secured $4 million (Rs 33 crore) in a funding round at a valuation of $30 million.

Singularity Early Opportunities Fund, Narendra Rathi, Sulabh Arya, Mohit Goyal and several angel investors participated in the funding round.

The company will utilise the funds to fuel its expansion plans by opening exclusive brand outlets and multi-brand outlets across the country.

Additionally, it aims to bolster its quick commerce presence in select cities and ramp up its domestic manufacturing capacity.

Commenting on the funding, Lokesh Daga, co-founder and director of Nasher Miles in a statement said, “This funding round is a testament to the strength of our brand and our vision for the future. 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.”

Nasher Miles product portfolio includes luggage bags, backpacks, and travel accessories. The brand sells through its website and major e-commerce platforms like Flipkart, Amazon, Myntra, Ajio, and Jio Mart.