Mumbai, 15 February 2024 – Nasher Miles, a Mumbai-based startup specializing in designer bags, made waves on Shark Tank India-3 by securing an impressive valuation of Rs 200 crore. This achievement marked only the second instance of an All 5 Sharks deal in the season. Founded by Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, Nasher Miles’ journey from zero funding to this significant valuation captured the attention of the entrepreneurial world.
The Startup’s Origins:
In 2017, when the online bag market was nascent, Nasher Miles entered the scene, capitalizing on the first-mover advantage. The founders focused on three key elements: style, variety, and fashion. With an emphasis on more than 100 shades of bags inspired by famous travel destinations, Nasher Miles positioned itself as a unique player in the market. The bags, known for their durability, are currently manufactured predominantly in China, with plans to shift 50% of production to India within the next three years.
Key Features and Innovations:
Nasher Miles took a bold step by offering a lifetime warranty on its products, backed by the durability of polypropylene material. During a Shark Tank India-3 episode, the bags withstood a stress test, affirming their robustness. The startup, while still in the early funding stage, claims to be profitable, with revenue projections reaching Rs 100 crore in the current financial year.
Despite facing challenges from the COVID-19 pandemic, Nasher Miles showcased resilience, rebounding from a dip in revenue to Rs 52.90 crore in 2022-23. The founders’ vision and business acumen were evident as they projected a revenue target of Rs 100 crore for the ongoing financial year. The startup maintains a healthy profit margin of approximately 12.4%.
Valuation and All 5 Sharks Deal:
In negotiations on Shark Tank India-3, Nasher Miles initially sought Rs 3 crore for 0.75% equity at a valuation of Rs 400 crore. After extensive discussions, the startup secured a game-changing deal of Rs 3 crore for 1.5% equity, valuing the company at Rs 200 crore. The All 5 Sharks deal, involving Aman Gupta, Anupam Mittal, Namita Thapar, Ritesh Aggarwal, and Vineeta Singh, underscored the Sharks’ confidence in Nasher Miles’ potential.
Conclusion:
Nasher Miles’ journey exemplifies the spirit of entrepreneurship, resilience, and innovation. From venturing into an emerging market to securing a substantial valuation on a prominent platform like Shark Tank India-3, the startup’s trajectory reflects the dynamic landscape of Indian startups. As Nasher Miles aims to further expand its footprit and explore offline business avenues, its success story serves as inspiration for aspiring entrepreneurs navigating the competitive startup ecosystem.
