Shark Tank India 3: Many start-up entrepreneurs with high ambition aim to knock on the door of Shark Tank India and crack the deal of their lives. Shark Tank India is a cauldron of emerging entrepreneurial ideas where startup founders from all walks of life present their business pitches to impress the wizards of the Indian entrepreneurial world. In Shark Tank India-3, Abhishek Daga, Lokesh Daga, and Shruti Kedia Daga, the three founders of startup Nasher Miles, appeared in one of the episodes recently.

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All they wanted was a good valuation of their startup business from the sharks.

Nasher Miles manufactures bags that the founders claim are unique and can be identified among the multitudes of bags.

Sharks Aman Gupta, Anupam Mittal, Namita Thapar, Ritesh Aggarwal and Vineeta Singh asked tough questions from Nasher Miles founders.

The entrepreneur trio passed the test with flying colours and got a Rs 200 crore valuation for their company.

What makes their case outstanding is that it was only the second All 5 Shark deal of the season.

It was like a dream come true for the entrepreneurs who founded this company without funding six years ago and shot to national fame through the Shark Tank deal.

Know the story of this Mumbai-based startup that started from scratch and made its presence felt in Shark Tank India-3.

Shark Tank India 3: When did Nasher Miles start its journey?

The story goes back to 2017, when the online bag market was new and almost unnoticeable compared to the physical market.

The startup founders started working as an aggregator. Since the market was small, the trio entered the market, getting the first-mover advantage. 

When they began, they focused on three elements—style, variety, and fashion—and have stuck to that formula to date.

The founders claim that their startup has more than 100 shades of bags.

They say that their bags have taken inspiration from some famous travel destinations.

The startup claims that its bags are both economical and strong.

However, about 80 per cent of their bags are being manufactured in China, and the rest are made in India.

The founders say that they want to start manufacturing about 50 per cent of the bags in India in the next three years.

Shark Tank India 3: Lifetime warranty

For a start-up, that is in an early-funding stage, giving a lifetime warranty on its products can be a daring task.

But this is what this startup claims about its bags.

The founders say that if any bag ever gets cracked, it will be replaced.

The bags are made of polypropylene, so they do not crack.

To verify their claim, Shark Anupam Mittal jumped on the bar above these bags, but it did not crack.

The bag deflated a bit, but then took shape again. 

Shark Tank India 3: Is startup really making money?

The startup founders say that their company is still bootstrapped, but they also claim it to be profitable.

The founders say that the year they started, their company earned Rs 2.8 crore.

In the next financial year (2018–19), earnings increased manifold to Rs 15.75 crore.

In 2019–20, the company's revenue reached Rs 22.73 crore.

Like many startups, the COVID-19 pandemic played a spoilsport for Nasher Miles as its revenue fell to Rs 12.50 crore in 2020-21.

The founders claim that the company recovered to clock revenues of Rs 23.70 crore 2021-22.

Things improved more the next year, and the company is said to earn Rs 52.90 crore in 2022-23.

The founders claim that the company's revenue can reach Rs 100 crore in the current financial year.

The company earns a profit of about 12.4 per cent.

Despite being in an early stage, the startup founders are drawing huge salaries from the company they established.

Abhishek and Lokesh take a salary of Rs 7 lakh each every month, while Shruti draws a monthly salary of Rs 5.75 lakh.

Along with that, every year, all three of them also take a separate bonus of 1-2 months. The Sharks liked this business very much.

Shark Tank India 3: How much does a Nasher Miles bag cost?

The Nasher Miles founders said that the company's cabin bags are sold for Rs 2700–3200, mid-sized bags for Rs 3200–3700, and big bags for Rs 3700–4200.

Knowing the value of appointing a celebrity brand ambassador, the startup has appointed India cricketer Rishabh Pant as its brand ambassador.

In the coming years, the company wants to focus on offline business, for which it wants to join retail stores and open some of its own stores.

Shark Tank India 3: How did startup get Rs 200 cr valuation?

The startup founders demanded Rs 3 crore in exchange for 0.75 per cent equity at a valuation of Rs 400 crore in Shark Tank India.

Negotiations went on for a long time with the Sharks, and in the end, Nasher Miles got a huge deal.

The startup made a deal of Rs 3 crore in exchange for 1.5 per cent equity at a valuation of Rs 200 crore.

The good thing is that this startup got an All Shark deal as Aman Gupta, Anupam Mittal, Namita Thapar, Ritesh Aggarwal and Vineeta Singh joined them.

The deal was only the second All 5 Sharks deal of this season.