- Founder: Abhishek Daga, Lokesh Daga & Shruti Kedia Daga
- Business: Luggage
- Ask: ₹3 Crores for 0.75% Equity
- Valuation/ Networth: ₹8 Crores
- Funding: ₹3 Crores for 1.5% Equity + 1% royalty until ₹3 Crore is recouped
- Sharks: Namita Thapar, Aman Gupta, Ritesh Agarwal, Anupam Mittal & Vineeta Singh
- Episode: Season 3 Episode 15
Nasher Miles Shark Tank India Pitch:
Nasher Miles is a New Age luggage brand that promises style, variety, and fashion. They have products available in over 100 shades. Their USP is their styles, as their colorful bags can be seen from miles away. Furthermore, Their collections are inspired by popular travel destinations like Paris, Istanbul, etc. The founders added that not only are their products good-looking, but they are also affordable and durable. They are available through their own website and all other prominent online marketplaces. The founders sought an investment of ₹3 Crores for 0.75% of the company, valuing the business at ₹400 Crores.
Nasher Miles manufactures the majority of their products in China and other countries. They also manufacture around 20% of their products in India. Further, Their vision in 3 years is to do the majority of manufacturing in India. Also, They are servicing ₹11 Crores in loans at an interest rate between 9-13%. The founders added that, 90% of their sales come from marketplaces and the rest from their own website. Interestingly, they have signed cricketer Rishab Pant as their brand ambassador.
Nasher Miles Financials during Shark Tank India:
Nasher Miles launched in August 2017. They have always been a profitable company and are completely bootstrapped. In their first financial year of FY17-18, they made revenue of ₹2.18 Crores. This was followed by ₹15.75 Crores in FY19, ₹22.73 Crores in FY20, ₹12.5 Crores in FY21, and ₹23.7 Crores in FY22. They closed the last financial year FY22-23 at revenue of ₹52.9 Crores. EBITDA last year was around 10.4%, and profit after tax was at 6.8%. As for this year (FY23-24), they have made ₹57 Crores till October 2023 and projecting to close the year at ₹100 Crores. Their marketing spending is at 14%.
Nasher Miles Shark Tank India Negotiations & Funding:
As for Nasher Miles funding, Namita, Anupam, Vineeta, and Ritesh join hands to offer ₹3 Crores for 1% of the company and a royalty of 1% on net sales until they make their ₹3 crores back. This valued their company at ₹300 Crores. Aman gives the solo offer of ₹1 Crores for 1% and the rest as debt at 10% for 2 years. Aman valued Nasher Miles at ₹100 Crores. The founders refused Aman’s offer due to low valuation, and they also refused to accept an offer with royalty attached to it. The company added that they would like to see an offer without royalties.
The sharks take a moment to think and come back with an all-shark deal where they would offer ₹3 Crores at ₹200 Crore valuation which comes to 1.5% of the company. On top of this, Sharks will get the royalties of 1% until their ₹3 crores are recouped. The founders were a little hesitant but ended up taking that offer after Sharks refused their counter of ₹250 Crores valuation.
Who are the founders of Nasher Miles?
Abhishek Daga, Lokesh Daga & Shruti Kedia Daga founded Nasher Miles. They are from Mumbai. Abhishek and Lokesh are first cousins, and Shruti is Lokesh’s wife. They were distributors of VIP bags in the past.
How is Nasher Miles doing After Shark Tank India?
Our research on Nasher Miles revealed that while they received the deal on Shark Tank India, early signs suggest that their deal with Sharks has collapsed. We are still waiting for confirmation on this as they may still be in the due diligence process. Despite all that, Shark Tank has given the company nationwide exposure and validation, and they are currently in a phase of the Shark Tank effect as of February 2024. While their financials are not yet public, we will update this article as soon as more information comes to light. In the meantime, you can check out their products by clicking the Amazon Button Below!
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Source: Instagram @nasher_miles
Here are other companies from Season 3 Episode 15.