D2C footwear startup Neeman’s raises $5.15 million in its Series B funding round
- ByStartupStory | June 3, 2022
Neeman’s, a sustainable footwear firm, has secured over Rs 40 crore ($5.15 million) in a Series B investment headed by current investor Sixth Sense Ventures. The Series B round comes after nine Series A rounds for Neeman’s. Neeman’s has issued 95,173 Series B CCPS to raise Rs 39.7 crore headed by Sixth Sense. The Mumbai-based venture capital company led the round with a Rs 24 crore investment, followed by Grand Anicut with a Rs 13.2 crore investment.
Kaval Preet Singh and Siddhant Sanghvi contributed Rs 1 crore each to the round, with Dominor Investment contributing the rest. The Series B round looks to be ongoing, and the business is expected to rise further in cash in the future.
The Hyderabad-based firm, founded in 2018 by Taran Chhabra and Amar Preet Singh is valued at Rs 190-200 crore ($25-27 million) (post-money). Like the well-known All Birds, Neeman’s makes comfy shoes out of merino wool, organic cotton, recycled PET bottles and tyres, tree wood, fruit pulp, and bamboo.
In addition to its own website, the firm distributes through marketplaces like Amazon and Flipkart. It also began with an offline presence in Shoppers Stop and Lifestyle. In August, Neeman’s secured Rs 20 crore ($2.7 million), headed by Sixth Sense, followed by a seed round led by Anicut Angel and AngelList in March 2020.
Although the firm has yet to disclose its FY22 financial statistics, Singh recently stated that it ended the previous fiscal year with Rs 50 crore ($6.5 million) in sales. According to its annual financial statement filed with the Registrar of Companies, Neeman’s had a revenue of Rs 6.98 crore and a loss of Rs 3.32 crore in FY21 (RoC).
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