Sustainable direct-to-consumer footwear brand Neeman’s has raised Rs 35.5 crore in fresh capital, extconcludeing its Series B funding round that was originally launched in June 2022, according to regulatory filings, as per media reports.
The company’s board approved the issuance of 54,915 Series B2 compulsorily convertible preference shares (CCPS) at Rs 6,465 per share. In addition, Neeman’s allotted 5,414 partly paid-up equity shares at the same valuation to co-founders Taranjeet Singh Chhabra and Amar Preet Singh, with both founders contributing equally.
Snam Solutions, backed by investor Muralidhar Dhuddu, led the round with an investment of Rs 16 crore. Grand Anicut participated with Rs 7 crore, followed by Sharrp Ventures with Rs 5 crore. Other institutional and individual investors collectively invested around Rs 7.5 crore.
Following the latest infusion, Neeman’s post-money valuation is estimated at Rs 439 crore, or about USD 49 million. The company stated the capital will be utilized to strengthen working capital and support operational requirements as it continues to expand its online and offline presence.
Founded in 2017 and headquartered in Hyderabad, Neeman’s positions itself as an eco-conscious footwear brand, offering products built utilizing sustainable and recycled materials. The company primarily follows a D2C model while steadily expanding its physical retail footprint across key Indian cities.
To date, Neeman’s has raised over USD 17 million across funding rounds. Post allotment, Grand Anicut holds an 8.63 per cent stake in the company, while Enam Investments, Snam Solutions and Sharrp Ventures hold 4.76 per cent, 3.64 per cent and 3.51 per cent stakes, respectively.
On the financial front, Neeman’s reported improved performance in FY24, with operating revenue rising 11.4 per cent year-on-year to Rs 76.94 crore. Net losses narrowed 14 per cent to Rs 29.23 crore from Rs 33.98 crore in FY23. The company is yet to disclose its FY25 financials. With fresh capital and improving financial metrics, Neeman’s is expected to focus on operational efficiency, inventory optimisation and calibrated expansion in a competitive consumer footwear market.
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