Nasher Miles to open 20–25 offline stores, eyes quick commerce growth
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 channels.The 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.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.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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
16 minutes ago
- News18
Venture Capitalist Alleges Indian-origin Startup Founders Faked Ties With Tech Giants To Lure Investors
Ash Arora's claims of misconduct by two Indian-origin founders have sparked a social media debate on startup ethics. US-based venture capitalist Ash Arora has alleged serious misconduct by two Indian-origin startup founders, claiming they misrepresented their businesses to lure investors. These allegations have sparked both criticism and introspection across the startup community. In a post shared on X (formerly Twitter), Arora, a partner at LocalGlobe and a Forbes 30 Under 30 (Europe Finance) listee, said, 'Have met two founders in SF this month. Both fraud: 1. Is subletting a rented apartment and showing that as revenue for his startup. 2. Is claiming Amazon and Google are clients who have signed LOIs when they have never even heard of them," she wrote. What truly lit the fuse, however, was Arora's follow-up remark, where she wrote, 'What's common among them? Both desi men. Beware of these people!" This characterisation quickly ignited debate online. While the underlying concern about startup ethics struck a chord with many, others took issue with her framing, accusing her of reinforcing stereotypes based on ethnicity. A sample of two. What's the point of including their race ?— bubble boi (@bubblebabyboi) July 8, 2025 Another user wrote, 'The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff." The 'desi men' part is a spicy take, but honestly, the patterns of fraud in SF are pretty universal. Desperation or greed, it always comes back to the same stuff.— Dan (@salinasdanielf) July 8, 2025 'Generalise a race off of a sample set of 2? Why would a brown male founder even want to take your money? Do better," read one of the comments. Generalize a race off of a sample set of 2?Why would a brown male founder even want to take your money? Do better. — Vishal Jain (@vishal_the_jain) July 9, 2025 Arora, though, stood by her words. She clarified that her use of the term 'desi" was intended to subtly point to the individuals without directly naming them. 'It breaks my heart that Indians are doing this and ruining the reputation of my country," she replied to one of the comments. Because it breaks my heart that Indians are doing this and ruining the reputation of my country— Ash Arora (@asharoraa) July 8, 2025 The conversation escalated further when Arora revealed that a few investors reached out to her. '4 VCs have pinged me correctly guessing both these founder names. Is this Soham Parekh 2.0? We need a BS radar community out here," she wrote, referencing the now-infamous case of Soham Parekh, an engineer who was recently accused by Mixpanel co-founder Suhail Doshi of fabricating parts of his resume and misrepresenting his background. 4 VCs have pinged me correctly guessing both these founder namesIs this Soham Parekh 2.0? We need a BS radar community out here. — Ash Arora (@asharoraa) July 8, 2025 The timing of Arora's remarks, coming just days after Suhail Doshi publicly called out Soham Parekh, has further heightened scrutiny over how startup founders portray themselves and their ventures to investors. While the identities of the two founders remain unknown, the post has reignited concerns about ethical standards in startup culture, especially within Silicon Valley's competitive ecosystem. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
16 minutes ago
- News18
India's Chipmakers Face Fresh Challenge As US Eases EDA Software Ban On China
The lifting of the restrictions will allow the US-headquartered EDA companies including Cadence Design Systems, Siemens EDA and Synopsys to resume the business engagement in China. Eventually, it would harm the interest of India chipmaker firms who are prying to gain the big pie as soon as possible. The Trump administration had put the restrictions on US' EDA companies as part of its overall strategy to halt the access of advanced technologies to Chinses firms, especially those critical to semiconductor and defense industries. Ruchir Dixit, chairperson of the India Electronics & Semiconductor Association (IESA) board of directors, told ET that 'The strengthening capabilities of China's industry could create increased competitive dynamics, not only for India's EDA sector but also across the wider electronics and semiconductor industry." He also added that 'until a few months ago, nobody thought of software as a supply chain problem. Now, with this action, the supply chain includes software as well. It includes anything that enables creation and employment in India." With the lifting of software restrictions, companies reassessing their 'China Plus One' strategy should carefully consider the timing of their investments in India for EDA development or other functions, according to Dixit. Shankar Krishnamoorthy, chief product development officer at Synopsys as quoted by ET report, stated that the company does not expect software export restrictions previously placed on China to be imposed on India, especially given India's goal to develop its semiconductor ecosystem and the ongoing US-India collaboration in the sector. Biswajeet Mahapatra, principal analyst at Forrester, noted that this signals increased competition. A more capable Chinese chip industry, with renewed access to critical design software, could accelerate its R&D and manufacturing, potentially intensifying the race for global market share and foreign investment, particularly in design and packaging, areas where India is also making significant progress. Kunal Chaudhary, partner and co-leader of the Inbound Investment Group at EY India told ET the urgency for India to act quickly. 'India must accelerate its chip design efforts. With the US easing EDA export restrictions for China, the global playing field is shifting," he said. Chaudhary emphasized that developing India's own chip design software is a strategic necessity, not just for resilience but to lead in the next era of semiconductor innovation. He called for focused investment in R&D, intellectual property (IP), and deep skilling. India's Semiconductor Push Amid Global Headwinds India is aggressively pushing to become a global semiconductor hub with a Rs 76,000 crore incentive scheme under the Semiconductor India Programme. The government aims to boost domestic capabilities across chip manufacturing, packaging (ATMP/OSAT), and design. Big players like Micron have already committed to setting up chip assembly plants in Gujarat, while Tata Group is also exploring fabrication projects. With global firms looking to diversify away from China, India is positioning itself as a strong alternative through policy support, subsidies, and fast-track approvals.
New Indian Express
18 minutes ago
- New Indian Express
Finally, CCMC begins repaving of MGR market roads
COIMBATORE: Bringing much-needed relief to traders and transporters, the Coimbatore City Municipal Corporation (CCMC) has finally begun laying fresh asphalt roads inside the MGR Wholesale Vegetable Market. The civic body took up the work after years of persistent complaints and prolonged delays. For decades, traders operating from the market had been demanding basic road infrastructure, as the area turned into a virtual swamp even after a short spell of rain. The situation was particularly dire during the recent monsoon spell, when stagnant water and thick slush made the market premises inaccessible for both vendors and customers. Several vegetable-laden trucks even got stuck in the sludge, further affecting business. The ongoing renovation of the MGR Market was initiated over two years ago under the Capital Grants Scheme with Rs 3.15 crore allocated in the 2023-24 budget for its overhaul. It was part of a broader city initiative to modernise three major markets including the MGR Wholesale Vegetable Market, the Anna daily market, and the Tomato market in Sundarapuram. However, progress on the MGR Market project remained painfully slow until now, much to the frustration of the traders. Vegetables are brought to the MGR Market daily from across Tamil Nadu and other states like Karnataka, and in turn, distributed to various parts of Coimbatore and even neighbouring Kerala. Over 112 licensed shopkeepers operate from the market, along with hundreds of loadmen and vendors who depend on it for their livelihood. "The poor roads were affecting not just our business but also the safety of everyone here," said D Muthu, a long-time trader. "We are finally seeing some action after years of waiting." With the fresh blacktopping work now underway, there is a renewed sense of optimism among the market community that further improvements might soon follow.
