Nasher Miles, a luggage brand, declared the completion of a four million dollar bridge round which takes the company valuation to $30 million. This achievement comes after their appearance and struck a deal with Aman Gupta, one of the sharks in the show, at three crore for 1.5 per cent equity plus one percent royalty until three crore is recouped.
From what is understood, the bridge round attracted more than 40 angels, private equity fund managers, friends and family members, including Singularity Early Opportunities Fund, Narendra Rathi of SoftBank Vision Fund, Sulabh Arya of Goldman Sachs Growth Equity and Mohit Goyal of CVC Capital Partners. The company’s pre-money valuation was $25.32 million.
“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,” Lokesh Daga, co-founder and director, Nasher Miles, said.
The company plans to utilize the funds for its expansion plans with an aim to launch 1000 multi brand outlets across the country by the end of this year along with up to five exclusive brand outlets.