Neeman's, an eco-friendly footwear startup, has raised a Series-A round of funding of Rs 20 crore from Sixth Sense Ventures. The company will be utilizing the funds to launch Neeman’s in international markets.
The fresh capital will also be used towards intensive product development, expansion of categories, and further strengthening the brand’s commitment to the planet and being a champion of sustainability through research and development of new eco-friendly technologies.
Commenting on the funding, Taran Chhabra, Founder & CEO, Neeman's, said, “We are elated that Neeman's in a short period has successfully reinvigorated the Indian footwear industry and created the position for 'The Most Comfortable Shoes' in the country for itself. We are delighted to have Sixth Sense Ventures partner with us in our journey of being the first sustainable footwear brand in India. The investment from our new partner, Sixth Sense Ventures, reassures us that we are taking the right steps and strengthens our commitment to providing people with superior quality comfortable, eco-friendly, and stylish footgear.”
“We are excited about our soon-to-be collection, which is made with a material that is so far considered to be a key pollutant. Without revealing much, can say, the shoe is a first-of-its-kind sneaker in India and will change how Indian's wear shoes,” he added.
Founded by Taran Chhabra and Amar Preet in 2018, Neeman's is disrupting the $11 billion Indian Footwear segment. The start-up has created a stir in the market by introducing India to shoes made with Merino Wool. This unexplored yarn splendidly suits the Indian subcontinent because of its unique temperature regulating property, sustainability, and comfort, making it apt for all-day wear.
On the investment, Nikhil Vora from Sixth Sense Ventures commented, “Neeman's story is in sync with the Sixth Sense investment philosophy of betting on first-generation founders, disrupting large consumer categories, building brands catering to the consumer preferences of tomorrow. We at Sixth Sense have a strong belief that the next few years will witness the advent of a new class of consumers making bold choices with regard to environment-friendly and sustainable products. The same will create a rub-off on challenger brands in deep categories (such as alternate meat, footwear, among others). Our partnership with Neeman's underpins this belief, with the brand has created a strong affinity among new-age-conscious consumers. Within two years, the team has demonstrated great ability to successfully launch innovative products disrupting the US$ 11bn footwear category. Neeman's is spearheading the transition to eco-friendly footwear in India, and we believe they are best positioned to carve a niche for themselves in the generic footwear space (akin to Allbirds in the US).”
Amar Preet, Co-Founder of Neeman's, added, “Since the beginning of our journey, Neeman's has aimed to move away from the norm and challenge the status quo of the Indian footgear industry. Our shoes and slippers, made with Merino Wool, Organic cotton, and renewable materials, have consistently reiterated our brand ethos and vision for the future. Our mantra is comfort and sustainability, and every product, existing and new, will stand by it, every time. We are excited about the funding raised and geared up to bring our customers a more exciting line-up.”
The firm had raised its last round of funding last year from Anicut Angel Fund, the equity arm of Anicut Capital. The deal was led by seasoned angel investors Tushar Singh and Rohit Anand at Anicut and got participation from Ashvin Chadha, partner Anicut Capital.