Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, hailing from Mumbai, are the driving forces behind Nasher Miles, know more about the company and its owner
Shark Tank India, the acclaimed platform where aspiring entrepreneurs pitch their ideas to seasoned investors, has witnessed numerous success stories and dramatic moments. Among these tales is the journey of Nasher Miles, a luggage brand aiming to revolutionize the industry with its blend of style, affordability, and durability.
What is Nasher Miles the luggage bags company on Shark Tank India season 3, owner, deal funding and net worth
Nasher Miles made waves with its fashionable luggage offerings during its pitch on season 3, episode 15 of Shark Tank India.
Founded by Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, the brand boasted an extensive range of products available in over 100 shades. Their unique selling proposition lay in their eye-catching designs inspired by popular travel destinations like Paris and Istanbul.
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Despite primarily manufacturing in China and other countries, Nasher Miles envisioned shifting the majority of its production to India within three years. The company’s financials showcased consistent growth, with revenue figures climbing steadily over the years.
Shruti Kedia Daga, Founder & Marketing Head of Nasher Miles draws ₹5.75 lakh, Lokesh Daga, Founder & CEO of Nasher Miles draws ₹7 lakh, and Abhishek Daga Founder & Chairman of Nasher Miles, draws ₹7 lakh salary monthly. Nasher Miles is a D2C brand that is involved in making travel luggage.
Nasher Miles’ performance and negotiations
Nasher Miles’ financial performance was a key highlight during its Shark Tank pitch. The company had achieved profitability since its inception in 2017, showcasing impressive revenue figures year after year.
With a diverse distribution strategy encompassing both online marketplaces and their own website, Nasher Miles had captured significant market share. Their association with renowned cricketer Rishab Pant as a brand ambassador further bolstered their visibility and credibility in the market.
The negotiations with the Sharks proved to be a rollercoaster ride for Nasher Miles. While the founders sought ₹3 Crores for 0.75% equity, valuing the business at ₹400 Crores, the Sharks presented various offers with differing valuations and terms.
Ultimately, a deal was struck with Namita Thapar, Aman Gupta, Ritesh Agarwal, Anupam Mittal, and Vineeta Singh, who collectively offered ₹3 Crores at a valuation of ₹200 Crores, along with a royalty component until their investment was recouped. Despite initial hesitations, the founders accepted this offer, signaling a promising partnership.
With a shared vision and entrepreneurial spirit, this trio of founders leveraged their experience as former distributors of VIP bags to carve a niche for themselves in the competitive luggage market.
Following its appearance on Shark Tank India, Nasher Miles experienced the coveted “Shark Tank effect,” enjoying heightened visibility and validation nationwide. While initial reports suggested a collapse of the deal with the Sharks, the company’s post-show trajectory remains dynamic.
Despite uncertainties surrounding the deal, Nasher Miles continues to thrive, leveraging its newfound fame to further expand its reach and product offerings.