Luggage company Nasher Miles and wealth management platform Neo raised early-stage funds on Thursday.
Luggage brand Nasher Miles secured $4 million (Rs 33.5 crore) in a bridge round, valuing the company at $30 million. The round drew interest from over 40 investors, including Singularity Early Opportunities Fund, Narendra Rathi (Investment Director at SoftBank Vision Fund), Sulabh Arya (Executive Director at Goldman Sachs Growth Equity), and Mohit Goyal (former Managing Director at CVC Capital Partners).
The fresh funds will primarily support Nasher Miles’ omnichannel expansion plans. The company aims to expand its offline presence to 1,000 multi-brand outlets across India by the end of the calendar year and also plans to open 3-5 exclusive brand outlets within this financial year.
The company also intends to enhance its quick commerce presence in select cities and increase its production capacity in India, targeting 70-75% domestic manufacturing by December 2024.
Neo has raised Rs 32 crore, marking the company’s first investment round in 2024.
Morde Foods led the round with a Rs 20 crore investment for a 1.48% stake, while SN Damani Developers and Bridgemonte Advisors contributed Rs 10 crore for a 0.74% stake, and Rs 2 crore for a 0.15% stake, respectively.
Founded by Nitin Jain, Neo offers advisory and yield-based investment solutions.
