Digital first Luggage startup Nasher Miles has lifted $4 million in a bridge funding round at a post money value of $30 million.

The funding round registered a participation from more than 40 investors comprising key participants such as Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), Singularity Early Opportunities Fund and Mohit Goyal (ex-CVC Capital Partners).

The travel brand plans to utilize the freshly raised funds to maximize its offline presence up to 1000 multi-brand outlets across the India by the end of the calendar year and open 3-5 exclusive brand outlets within the present fiscal year.

In addition, the startup intends to boost its presence in quick commerce in chosen cities and fuel its capacity on domestic manufacturing to 70-75% by the month of December 2024.

In just two and half months, Nasher Miles has fixed more than 20 distributors worldwide and founded a presence in 150 stores.

The company expects that its offline channels will generate a revenue up to $12 million in the upcoming financial year.

Regarding this, Lokesh Daga, Co-Founder of Nasher Miles states, "Our goal is to become a true omnichannel brand present across all possible sales channels in India”.

Established in 2017 by Abhishek Daga, Shruti Kedia Daga & Lokesh Daga, Nasher Miles presents a various range of travel gear.

The product catalogue of startup includes outdoor travel bags, corporate bag packs, laptop roller cases and many other essential accessories such as neck pillows, masks, luggage covers, and backpack rain covers.

Nasher Miles goals to achieve a revenue of more than $60 million by the financial year 2028.

"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," added Lokesh Daga.