Latest news with #LokeshDaga
Economic Times
7 days ago
- Business
- Economic Times
Nasher Miles to open 20–25 offline stores, eyes quick commerce growth
ETtech Lokesh Daga, CEO, Nasher Miles Direct-to-consumer (D2C) luggage brand Nasher Miles plans to open 20 to 25 exclusive brand outlets (EBOs) across India by the end of this financial year as it looks to expand its offline presence beyond online company currently has five to six launches in the pipeline, including three in Mumbai, two in Hyderabad, and one in Ahmedabad, and is scouting additional locations in tier-I cities. The goal is to scale up to 100 outlets over the next two years, chief executive officer Lokesh Daga told ET in an interaction. 'We are looking for opportunities as they come. The idea is to see whether we can scale to 100 stores over the next two years,' Daga said on the sidelines of the company's offline retail store launch in Mumbai. Quick commerce bets Even as it pushes offline expansion, Nasher Miles continues to scale rapidly through quick commerce platforms like Zepto, Blinkit, and Swiggy Instamart. Despite trolley bags being priced at Rs 2,000–3,000, the company said quick commerce currently contributes about 8% to total sales. It expects this share to rise to 15% by the end of FY25, depending on the expansion of dark stores and fulfilment capacity. 'Quick commerce is a very metro-focused phenomenon, and that is one channel growing at a very fast pace for us. Every month, we've been growing — last month we grew by 10%, and this month we will grow by another 10%. We expect the quick commerce run rate to reach 15% by the end of this financial year,' Daga reduce reliance on China and improve cost efficiencies, Nasher Miles has shifted a significant portion of its manufacturing to India over the past 18 months. While it previously sourced 90% of its products from China, today nearly 75% are made in India. The company claims this shift has helped cut costs by 20–25% and improve gross Miles initially created a sub-brand, Stony Brook by Nasher Miles, to test domestic manufacturing. With supply chains now stabilised, that brand is being phased out, Daga company, which had turned profitable earlier, went into the red in FY24 due to brand-building investments and the cost of testing Indian manufacturing but claims to have returned to profitability in FY25. According to Tracxn, Nasher Miles recorded a net loss of Rs 6.3 crore in FY24. In July 2024, Nasher Miles raised $4 million in a funding round led by the Singularity Early Opportunities Fund, Narendra Rathi of SoftBank Vision Fund, and Sulabh Arya of Goldman Sachs Growth Equity, among others, at a post-money valuation of $30 million, primarily to fund its omnichannel expansion. The company plans to raise additional funds after the festive season. 'We will actively go into the market probably post-season. The festive season is coming, and 50-60% of sales happen during these three to four months. So, we want to focus on execution first,' Daga said. Category diversification Currently, 92–95% of the company's revenue comes from trolley bags. However, it is now doubling down on other categories like backpacks and travel accessories, aiming to push their share to double digits by the end of this fiscal. The D2C luggage segment has seen growing investor interest. Last year, Mokobara raised $12 million in a round led by Peak XV Partners, valuing the company at $80 million post-money. In August 2024, venture capital firm Accel invested $9 million in Uppercase, nearly doubling its valuation to $60 million. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. India's gas dream runs on old pipes. Can a European fix unclog the future? Did Jane Street manipulate Indian market or exploit its shallowness? Newton vs. industry: Inside new norms that want your car to be more fuel-efficient Is gold always the best bet? Think again Do bank stress tests continue to serve their intended purpose? These large- and mid-cap stocks can give more than 24% return in 1 year, according to analysts Suited for the long term, even with headwinds: 8 stocks from healthcare & pharma sectors with upside potential of up to 39% Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 22% in 1 year
Time of India
12-07-2025
- Business
- Time of India
Nasher Miles to open 20–25 offline stores, eyes quick commerce growth
Nasher Miles plans to open 20 to 25 exclusive brand outlets across India this year, aiming for 100 in two years. The D2C luggage brand is also growing fast on quick commerce platforms. With 75% of products now made in India, the company has cut costs and returned to profitability after FY24 losses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Direct-to-consumer (D2C) luggage brand Nasher Miles plans to open 20 to 25 exclusive brand outlets ( EBOs ) across India by the end of this financial year as it looks to expand its offline presence beyond online company currently has five to six launches in the pipeline, including three in Mumbai, two in Hyderabad, and one in Ahmedabad, and is scouting additional locations in tier-I cities. The goal is to scale up to 100 outlets over the next two years, chief executive officer Lokesh Daga told ET in an interaction.'We are looking for opportunities as they come. The idea is to see whether we can scale to 100 stores over the next two years,' Daga said on the sidelines of the company's offline retail store launch in as it pushes offline expansion, Nasher Miles continues to scale rapidly through quick commerce platforms like Zepto, Blinkit, and Swiggy Instamart. Despite trolley bags being priced at Rs 2,000–3,000, the company said quick commerce currently contributes about 8% to total expects this share to rise to 15% by the end of FY25, depending on the expansion of dark stores and fulfilment capacity.'Quick commerce is a very metro-focused phenomenon, and that is one channel growing at a very fast pace for us. Every month, we've been growing — last month we grew by 10%, and this month we will grow by another 10%. We expect the quick commerce run rate to reach 15% by the end of this financial year,' Daga reduce reliance on China and improve cost efficiencies, Nasher Miles has shifted a significant portion of its manufacturing to India over the past 18 months. While it previously sourced 90% of its products from China, today nearly 75% are made in India. The company claims this shift has helped cut costs by 20–25% and improve gross Miles initially created a sub-brand, Stony Brook by Nasher Miles, to test domestic manufacturing. With supply chains now stabilised, that brand is being phased out, Daga company, which had turned profitable earlier, went into the red in FY24 due to brand-building investments and the cost of testing Indian manufacturing but claims to have returned to profitability in FY25. According to Tracxn, Nasher Miles recorded a net loss of Rs 6.3 crore in July 2024, Nasher Miles raised $4 million in a funding round led by the Singularity Early Opportunities Fund, Narendra Rathi of SoftBank Vision Fund, and Sulabh Arya of Goldman Sachs Growth Equity, among others, at a post-money valuation of $30 million, primarily to fund its omnichannel company plans to raise additional funds after the festive season. 'We will actively go into the market probably post-season. The festive season is coming, and 50-60% of sales happen during these three to four months. So, we want to focus on execution first,' Daga 92–95% of the company's revenue comes from trolley bags. However, it is now doubling down on other categories like backpacks and travel accessories, aiming to push their share to double digits by the end of this D2C luggage segment has seen growing investor interest. Last year, Mokobara raised $12 million in a round led by Peak XV Partners, valuing the company at $80 million post-money. In August 2024, venture capital firm Accel invested $9 million in Uppercase , nearly doubling its valuation to $60 million.
Entrepreneur
24-05-2025
- Business
- Entrepreneur
Nasher Miles: Packed Up to Clock Rs 200 Crore in FY26
It operates as a multi-channel retailer in the mass premium segment of luggage and backpacks, present on all leading e-commerce and quick commerce platforms, and now expanding into offline retail You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Nasher Miles began its startup journey in 2014 as online retailers across multiple categories – from appliances and lighting to sunglasses, handbags, and luggage. "We were active on all major e-commerce platforms including Amazon, Flipkart, Tata Cliq, and Myntra," says Abhishek Daga, Founder and Chairman, Nasher Miles. "During this phase as online resellers, we noticed a significant gap in the luggage market. Most established brands were offering very basic options – black, blue, and grey – with limited design variety. At the same time, we observed that the new generation of travelers was open to experimenting with bold, vibrant, and unconventional colors and designs – something rarely seen in luggage products. With India's travel sector booming, we saw a clear opportunity," says Abhiskek. This insight, combined with a strong gut instinct, led to the birth of Nasher Miles in August 2017. Founded by Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, Nasher Miles started as one of India's early D2C luggage brands. The brand quickly built a reputation for offering a wide variety of colors and designs in the online ecosystem. Nasher Miles operates as a multi-channel retailer in the mass premium segment of luggage and backpacks. It is present on all leading e-commerce and quick commerce platforms, and now expanding into offline retail with over 1,150 multi-brand outlets and three exclusive brand outlets set to launch soon. Moving Ahead Nasher Miles is in advanced discussions to enter top modern trade stores such as Lulu and Lifestyle, says Abhiskek. "While our core focus remains on polypropylene hard luggage, we have recently expanded into backpacks and travel accessories like luggage covers and neck pillows. Our target audience includes Gen Z, millennials, and young urban professionals, but we are also gaining strong traction in tie-2 and tier-3 cities, a testament to our growing offline presence and our resonance with aspirational India," he says. In a notable shift, the brand recently completed its first export order to the Middle East. "Within the past year, we have pivoted from being 88 per cent import-dependent to becoming a major domestic producer. By June 2025, we aim to source 70 per cent of our products locally," says Abhiskek. Quick commerce has given impressive growth for the brand. "We are currently doing a monthly sellout of over INR 75 lakh through Q-commerce platforms – a figure that we expect to more than double in the next two quarters," says says Abhiskek. In terms of growth plans, Nasher Miles started modestly with a topline of INR 2.2 crore in 2017-18. "For FY 2024–25, we are on track to close at INR 120 crore. Our goal for FY 2025-26 is to reach a topline of INR 200 crore," says Abhiskek. Company Facts • Year of Inception: 2017 • Bestselling Product: Paris • Social Media Following: o Instagram: 65K o Facebook: 7.6K o LinkedIn: 9.5K • FY 2024–25 Turnover: ₹120 Cr • External Funding Raised: ₹38 Cr • Number of Employees: 106
