Nasher Miles to open 20–25 offline stores, eyes quick commerce growth
'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 said.To 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 margins.Nasher 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 said.The 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
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
35 minutes ago
- India.com
List of 10 largest banks in the world released, China dominates with top 4 positions followed by..., India is...
New Delhi: China is the second largest economy in the world. But if we look at the list of the 10 largest banks in the world in terms of assets, then China dominates it. China has four banks at the top of this list. The total assets of these four banks are around 23 trillion dollars. America and France have 2 banks each in the top 10 list, while Japan and Britain have one bank each. India's banks SBI and HDFC Bank are far behind in this list. Which are the 10 largest banks in the world by assets? Here is the list of 10 largest banks in the world by assets, top 4 are from China. According to Bloomberg, China's Industrial and Commercial Bank of China (ICBC) is at the top of this list with assets of 6.7 trillion dollars. It is the largest of the 'big four' banks in China, and the largest bank in the world by total assets. The Agricultural Bank of China (ABC), also known as AgBank, is one of the 'big four' banks in China, and the second largest bank in the world by total assets of $5.9 trillion. The China Construction Bank Corporation (CCB), headquartered in Beijing, is one of the 'big four' banks in China, and is the third largest bank in the world by total assets of $5.6 trillion. The Bank of China is one of the 'big four' banks in China. It is at number four in this list with the total assets of $4.8 trillion. In this way, there are four Chinese banks at the top four positions in the list of world's banks whose total assets are around $23 trillion which is more than China's GDP ($19.23 trillion). The total assets of these four Chinese banks are around $23 trillion which is more than China's GDP, which is about $20 trillion. Which are the other countries? In this list, America's JP Morgan Chase is at number five with assets of $4 trillion. Bank of America is at number six with assets of $3.3 trillion. Britain's bank HSBC is at number seven with assets of $3 trillion. France's BNP Paribas with $2.8 trillion and Credit Agricole Group with $2.7 trillion are at number eight and nine. Japan's Mitsubishi UFJ Financial Group is at number ten with $2.6 trillion. Where does India rank? India's largest public sector bank SBI ($547 billion) and HDFC Bank ($494 billion) are among the top 100. India's largest public sector bank State Bank of India (SBI) has total assets of $547 billion and HDFC Bank has assets of $494 billion. Both these Indian banks have made it to the top 100.
India Gazette
an hour ago
- India Gazette
Digital infrastructure transforms India's tax administration, refunds surge 474%
By Shailesh Yadav New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 per cent increase in gross direct tax collections during the same period, which rose from Rs 7,21,604 crores to Rs 27,02,974 crores. Perhaps most impressive is the speed of refund processing. The average time to issue tax refunds has plummeted from 93 days in 2013 to just 17 days in 2024 - an 81 per cent reduction that reflects the success of digital modernization efforts. The transformation is largely attributed to comprehensive digitization of tax processes. The introduction of end-to-end online filing systems, faceless assessments, and automated refund processing has eliminated traditional bottlenecks that previously delayed taxpayer services. 'The adoption of digital infrastructure including pre-filled returns, real-time TDS adjustments, and online grievance redress mechanisms has fundamentally changed how we serve taxpayers,' a senior CBDT official familiar with the modernisation program told ANI. The taxpayer base has also expanded significantly, with income tax returns filed growing from 3.8 crores in 2013 to 8.89 crores in 2024 - a 133 per cent increase that demonstrates growing formalisation of India's economy. The proportion of refunds relative to gross tax collections has risen from 11.5 per cent in 2013-14 to 17.6 per cent in 2024-25. 'Growing refunds reflect increased voluntary compliance and the deepening of advance tax payment mechanisms,' said another senior Income Tax offcial. 'As more taxpayers participate in formal tax processes and TDS coverage expands, excess remittances naturally become more common,' the official added. The surge in refunds and their faster processing carry significant economic implications. Quicker refund turnaround time improves cash flow for businesses and individuals, while the growth in refund volumes signals expanding participation in India's formal economy. The data suggests that India's tax ecosystem has achieved what officials describe as 'systemic maturity' - a state where efficiency, transparency, and taxpayer facilitation have become embedded principles rather than aspirational goals. (ANI)
India Gazette
an hour ago
- India Gazette
"Indians in Dubai have carved a unique identity": MP CM Yadav
Dubai [UAE], July 13 (ANI): Madhya Pradesh Chief Minister Mohan Yadav congratulated Indians working in Dubai for strengthening the relations between both countries. He is in the UAE to meet investors, entrepreneurs, and experts and to introduce them to the possibilities of Madhya Pradesh, under the 'Global Dialogue 2025'. The Indian diaspora in Dubai welcomed Yadav on Sunday upon his arrival at Dubai. In a post on X, he said, 'Indians in Dubai have carved a unique identity through their hard work, culture, and values. Today, during my UAE visit, meeting Indian brothers, sisters, and youth at the Taj Hotel in Dubai has filled my heart with joy. Heartfelt gratitude for all your warmth!' As part of MP Global Dialogue 2025, Yadav received a warm welcome in Dubai from the Indian diaspora, including Jitendra Vaidya, President IPF UAE and was greeted by Satish Kumar Sivan, Consul General of India to Dubai marking the beginning of his UAE visit to promote investment in Madhya Pradesh. CM Yadav is in Dubai for Global Dialogue 2025. In a post on X, the Chief Minister's Office said, 'Under the 'Global Dialogue 2025,' with the aim of promoting investment in Madhya Pradesh, Chief Minister Dr. Mohan Yadav was warmly welcomed and felicitated upon his arrival in Dubai today during his UAE visit.' official visit to Dubai in the UAE and to Spain is scheduled from July 13 to July 19. The aim of his visit is to bring global investment to Madhya Pradesh, encourage technology sharing, and create new job opportunities. In Dubai, he will meet several well-known people to tell them about the strengths of Madhya Pradesh. He will speak about investment, education, and building strong cultural ties between Madhya Pradesh and Dubai. He will also meet members of the Indian community living there. During his visit, Yadav will also visit a temple in Dubai whose foundation stone was laid by Prime Minister Narendra Modi. Apart from this, he will also hold the first international roadshow in Dubai. (ANI)
