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Luggage brand Nasher Miles bags $4 Mn in bridge round

EntrackrEntrackr · 1y ago
Luggage brand Nasher Miles bags $4 Mn in bridge round
Medial

Nasher Miles, a digital-first luggage brand, has raised $4 million in its bridge round to Series A from Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity) and Mohit Goyal (CVC Capital Partners) amongst others. As per the company, the funds raised at a post money valuation of $30 million. Earlier in February this year, the Mumbai-based startup had raised funds from all five judges in the Shark Tank India-3 by securing a valuation of Rs 200 crore ($23.8 million). The proceeds will be used to support Nasher Miles’ omnichannel expansion plans. It aims to expand its offline presence to 1,000 multi-brand outlets across India by the end of the calendar year, while also opening 3-5 exclusive brand outlets this financial year. Additionally, Nasher Miles plans to strengthen its quick commerce presence in select cities and increase its production capacity in India, targeting 70-75% domestic manufacturing by December 2024. Launched in 2017 by Shruti Kedia Daga, Lokesh Daga, and Abhishek Daga, Nasher Miles is an internet-first brand of travel bags & luggage. Its product catalog includes corporate backpacks, outdoor travel bags, luggage sets, laptop roller cases, and accessories like luggage covers, neck pillows & masks, backpack rain covers, and more of different customized prints and colors. Nasher claims to have appointed over 20 distributors nationwide and established a presence in 150 stores within just two and a half months. The firm projects its offline channel to become a $12 million revenue stream in the next financial year.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 1y ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week

Economic TimesEconomic Times · 1y ago
ETtech Deals Digest: Startup funding plummets 80% YoY to $58.3 million this week
Medial

Startups saw a sharp decline in funding during the fourth week of July, with only $58.3 million raised compared to $293 million in the same period last year. This marks an 80.1% decrease in funding and a 72.3% drop from the previous week. Only eight funding rounds took place, down from 28 rounds last year. Space startup Unimech Aerospace secured the largest deal, raising $30 million in a funding round led by Steadview Capital, ValueQuest Scale Fund, and Evolvence India. Other significant deals included wealthtech startup Stable Money raising $15 million and flexible workspace provider Incuspaze raising $8 million. Nasher Miles, a direct-to-consumer luggage brand, also raised $4 million.

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