Assembly VS Nasher Miles – Who Won Shark Tank India Deal?
For the first time in Shark Tank India, 2 companies made their pitches back-to-back. Let me tell you the ground rules so that you don’t get confused later on wondering what is happening in this article.
- Both companies will get an equal amount of time to pitch their business in front of the sharks.
- The pitches will be back-to-back.
- Sharks can’t invest in any company before hearing 2 pitches. They have to hold their decisions until it’s over.
- Sharks have the opportunity to invest in any or both companies after the pitches are over.
In the luggage industry, there are 3 big players. VIP, Safari & Samsonite. But these are the legacy players. The local players are Mokobara, Assembly & Nasher Miles.
What is Assembly?
Assembly is a luggage brand that offers fashionable, functional, and budget-friendly luggage to its customers. Assembly has 10 ~ 11 SKUs.
Some features of Assembly are,
- There’s a hard backpack for luggage protection.
- Priority in luggage design & aesthetics.
- Compartment for the laptop. It makes it easy in the security process.
- Shoe & toilet bags are also a part of the luggage.
- Integrated USB port for charging
Who is the Founder of Assembly?
Aditya Khanna & Mohit Garg are the founders of Assembly. They have a family business in the luggage industry.
Mohit has a family business in luggage manufacturing. Aditya Khanna has a family business in leather goods.
Equity split of Assembly
| Aditya Khanna | 33.5% |
| Mohit Garg | 33.5% |
| ESOPs | 9% |
| Investors | 23% |
| Others | 1% |
Assembly Before Shark Tank India?
More than 2 Lakh people have used Assembly luggage. They don’t provide any lifetime warranty. It has 20k followers on Instagram.
How much money did they ask for on the pitch?
They came to Shark Tank India seeking ₹85 Lakhs for 1% equity in the company Assembly. Which gives the company a valuation of ₹85 Crores.
How much money did they raise for Assembly?
They raised ₹2.75 Crores in a seed round. The valuation at that time was ₹15 Crores pre-money.
Currently, they are raising ₹15 Crores at ₹70 Crores pre-money valuation.
How to get Assembly?
You can get the Assembly luggage from their main website.
Sales split of Assembly
| Website | 40% |
| Marketplaces | 50% |
| B2B | 10% |
Price of cabin luggage
| Brand | Price |
| Assembly | ₹6000 |
| Mokobara | ₹12,000 |
| Samsonite | ₹18,000 ~ ₹20,000 |
Unit Economics of Assembly
| Selling price | ₹100 |
| GST | ₹15 |
| COGS | ₹42 |
| Shipping cost | ₹8 |
| Marketing cost | ₹20 |
| Contribution margin 2 | ₹15 |
Previously they were burning money. Now they are at a breakeven stage.
What are the Annual Sales of Assembly?
| Fiscal Year | Annual Sales |
| 2020 – 2021 | ₹55 Lakhs |
| 2021 – 2022 | ₹2.2 Crores |
| 2022 – 2023 | ₹11 Crores |
| 2023 – 2024 | ₹25 ~ ₹30 Crores Projected |
Which shark gave Assembly an offer?
Aman Gupta was out. He thought there were too many investors in the company. He advised them to keep a brand guy to improve the design of the luggage.
Ritesh Agarwal was out. He advised them to improve their designs.
Vineeta Singh was out.
Namita Thapar was out. She agreed with Aman Gupta.
Anupam Mittal offered them ₹85 Lakhs for 2% & 1% royalty until ₹1.28 Crore is recouped.
| Offer 1 |
| Anupam Mittal – ₹85 Lakhs for 2% & 1% royalty until ₹1.28 Crore is recouped |
They didn’t take the offer.
What deal did Assembly get in Shark Tank India?
Unfortunately, Assembly didn’t get any deal in Shark Tank India.
| Company Name | Assembly |
| Founders | Aditya Khanna & Mohit Garg |
| Asked Amount | ₹85 Lakhs for 1% |
| Final Deal | No Deal |
| Shark | No Shark |
| Company Net Worth | ₹85 Crores |
| Company Website | assemblytravel.com |
| Company Status | In Business |
What is the net worth of Assembly?
The net worth of Assembly is ₹85 Crores.
Is Assembly still in Business?
Yes, Assembly is still in the luggage business.
What is Nasher Miles?
Nasher Miles is a new-age luggage brand. It provides stylish, fashionable luggage for its customers. It has more than 100 colors of luggage.
The luggage is inspired by popular destination-themed colors. They have many varieties of bags. Such as hard side, soft side bags, backpacks & travel accessories.
Who is the Founder of Nasher Miles?
Abhishek Daga, Lokesh Daga & Shruti Kedia Daga are the founders of Nasher Miles. Abhishek and Lokesh are cousins. Lokesh and Shruti are husband and wife.
Equity split of Nasher Miles
| Abhishek Daga | 50% |
| Lokesh Daga | 45% |
| Shruti Kedia Daga | 5% |
Nasher Miles Before Shark Tank India?
Previously they were VIP distributors. They knew how to sell the products.
They started the company in August 2017. Rishabh Pant is their brand ambassador. They provide a lifetime warranty on their bags. Nasher Miles has 21k followers on Instagram.
How much money did they ask for on the pitch?
They came to Shark Tank India seeking ₹3 Crores for 0.75% equity in the company Nasher Miles. Which gives the company a valuation of ₹400 Crores. That’s a pretty big ask.
They want to open 10 exclusive brand outlets to boost their offline sales in the future. They will open kiosks in the shopping mall also.
How much money did they raise for Nasher Miles?
They haven’t raised any money for the company. It’s a bootstrapped company. They took a loan of ₹11 Crores. They are also planning to raise ₹70 ~ ₹80 Crores for offline business expansion.
How to get Nasher Miles luggage?
You can get all the Nasher Miles products on their website. They are also available in different marketplaces.
Production split of Nasher Miles
| China & other country | 80% |
| India | 20% |
Sales split of Nasher Miles NOW
| Marketplaces | 90% |
| Website | 10% |
Sales split of Nasher Miles in Fiscal Year 2028
| Online | 68% |
| General trade | 17% |
| EBOs | 5% |
| Modern trade | 5% |
| Corporates | 5% |
Monthly salaries of the Nasher Miles founders
| Abhishek Daga | ₹7 Lakhs |
| Lokesh Daga | ₹7 Lakhs |
| Shruti Kedia Daga | ₹5.75 Lakhs |
They earn ₹2.37 Crores salary per year. They also take a yearly bonus.
Price of Nasher Miles
| Cabin luggage | ₹2700 ~ ₹3200 |
| Medium-sized luggage | ₹3200 ~ ₹3700 |
| Large-sized luggage | ₹3700 ~ ₹4200 |
Unit Economics of Nasher Miles
It’s a profitable company. They spend 14% on marketing. The EBITDA in the 2022 – 2023 fiscal year was 12.4%. The profit after tax was 6.8%.
What are the Annual Sales of Nasher Miles?
| Fiscal Year | Annual Sales |
| 2017 – 2018 | ₹2.18 Crores |
| 2018 – 2019 | ₹15.75 Crores |
| 2019 – 2020 | ₹22.73 Crores |
| 2020 – 2021 | ₹12.5 Crores |
| 2021 – 2022 | ₹23.7 Crores |
| 2022 – 2023 | ₹52.9 Crores |
| 2023 – 2024 | ₹100 Crores Projected |
Which shark gave Nasher Miles an offer?
All the sharks were interested in Nasher Miles.
Anupam Mittal, Vineeta Singh, Namita Thapar & Ritesh Agarwal offered ₹3 Crores for 1% & 1% royalty until ₹3 Crores is recouped.
Aman Gupta offered them ₹1 Crore for 1% & ₹2 Crores debt at 10% interest for 2 years.
All the sharks gave a combined offer. They offered them ₹3 Crores for 1.5% & 1% royalty until ₹3 Crores is recouped.
| Offer 1 | Offer 2 | Offer 3 |
| Anupam Mittal, Vineeta Singh, Namita Thapar & Ritesh Agarwal – ₹3 Crores for 1% & 1% royalty until ₹3 Crores is recouped | Aman Gupta – ₹1 Crore for 1% & ₹2 Crores debt at 10% interest | Aman Gupta, Anupam Mittal, Ritesh Agarwal, Namita Thapar & Vineeta Singh – ₹3 Crores for 1.5% & 1% royalty until ₹3 Crores is recouped |
What deal did Nasher Miles get in Shark Tank India?
Nasher Miles got a deal from Aman Gupta, Anupam Mittal, Ritesh Agarwal, Namita Thapar & Vineeta Singh. The deal was ₹3 Crores for 1.5% & 1% royalty until ₹3 Crores is recouped.
| Company Name | Nasher Miles |
| Founder | Abhishek Daga, Lokesh Daga & Shruti Kedia Daga |
| Asked Amount | ₹3 Crores for 0.75% |
| Final Deal | ₹3 Crores for 1.5% & 1% royalty until ₹3 Crores is recouped |
| Sharks | Aman Gupta, Anupam Mittal, Ritesh Agarwal, Namita Thapar & Vineeta Singh |
| Company Net Worth | ₹200 Crores |
| Company Website | nashermiles.com |
| Company Status | In Business |
What is the net worth of Nasher Miles?
After the five-shark deal in Shark Tank India, the net worth of Nasher Miles is ₹200 Crores.
Is Nasher Miles still in Business?
Yes, Nasher Miles is still in the luggage business.
Design ratings according to Assembly & Nasher Miles.
| Brands | Assembly Ratings | Nasher Miles Ratings |
| Mokobara | 9 | |
| Assembly | 7 | 6 |
| Nasher Miles | 6 | 11 |
| Samsonite | 9 | 10 |
Differences between Assembly & Nasher Miles
| Category | Assembly | Nasher Miles |
| Start time | 2020 | 2017 |
| Asked Amount | ₹85 Lakhs for 1% | ₹3 Crores for 0.75% |
| Valuation Before Shark Tank India | ₹85 Crores | ₹400 Crores |
| Valuation After Shark Tank India | ₹85 Crores | ₹200 Crores |
| Profitability | Breakeven | Profitable |
| Money Raised | Funded | Bootstrapped |
| 2023 – 2024 Sales to date | ₹11.5 Crores | ₹57 Crores |
| 2023 – 2024 Sales Projected | ₹25 ~ ₹30 Crores | ₹100 Crores |
| 20k followers | 21k followers | |
| Lifetime warranty | No | Yes |
| Shark Tank Deal | No Deal | Five-Shark deal |
