Shark Tank India Season 3: This Mumbai Startup Landed A Rs 200 Crore All-Shark Deal; Find Details

In the high-stakes world of entrepreneurship, where dreams are made or broken, Nasher Miles, a Mumbai-based startup specializing in unique bags, emerged as a game-changer in Shark Tank India-3. The founders, Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, not only secured a Rs 200 crore valuation for their company but also became the stars of the season with an all 5 Sharks deal.

Rewind to 2017, a time when the online bag market was still in its infancy. Nasher Miles plunged into the industry as pioneers, seizing the first-mover advantage. Focusing on style, variety, and fashion, the startup quickly gained traction, boasting over 100 shades of bags inspired by iconic travel destinations. While 80% of their bags are currently manufactured in China, the founders have ambitious plans to shift 50% of production to India in the next three years.

Nasher Miles sets itself apart by offering a lifetime warranty on its bags, a bold move for an early-stage startup. Constructed from polypropylene, the bags are claimed to be crack-resistant. To demonstrate this, Shark Anupam Mittal put the bags to the test, jumping on a bar above them, showcasing their durability and resilience.

While Nasher Miles remains bootstrapped, the founders declare their profitability. From earning Rs 2.8 crore in their debut year (2017-18), the company witnessed exponential growth, reaching Rs 52.90 crore in 2022-23. Despite the challenges posed by the COVID-19 pandemic, Nasher Miles bounced back, with the founders projecting a remarkable Rs 100 crore revenue for the current financial year, with a commendable profit margin of 12.4%.

The founders draw substantial salaries even in the early stages of their startup. Abhishek and Lokesh receive Rs 7 lakh each month, while Shruti takes home Rs 5.75 lakh. Additionally, they reward themselves with an annual bonus equivalent to 1-2 months' salary. This transparent approach impressed the Sharks during their Shark Tank pitch.

Nasher Miles positions itself strategically in the market, pricing its cabin bags between Rs 2,700-3,200, mid-sized bags from Rs 3,200-3,700, and big bags ranging from Rs 3,700-4,200. Recognizing the value of a celebrity brand ambassador, the startup has roped in Indian cricketer Rishabh Pant to amplify its brand presence.

During their appearance on Shark Tank India-3, Nasher Miles initially sought a Rs 3 crore investment in exchange for 0.75% equity at a valuation of Rs 400 crore. Negotiations ensued, leading to a deal where the startup secured Rs 3 crore for 1.5% equity, valuing the company at Rs 200 crore. This deal marked only the second all 5 Sharks deal of the season, showcasing the rarity and significance of Nasher Miles' accomplishment.

Looking ahead, Nasher Miles has its eyes set on expanding its offline presence. The founders plan to collaborate with retail stores and establish their own outlets, aiming for broader market reach and enhanced customer engagement.

Nasher Miles' journey from a bootstrapped startup to a Shark Tank sensation is a testament to the founders' unwavering dedication, innovative approach, and resilience in the face of challenges. With the backing of all five Sharks and a Rs 200 crore valuation, Nasher Miles is poised for even greater success in the competitive world of entrepreneurship.