Solethreads Raises Venture Debt of Rs 2.5 Cr From Alteria Capital

Solethreads has raised Rs 2.5 crore in venture debt funding from Alteria Capital to broaden its R&D, product portfolio and to meet the growing demand for flip flops in India
Solethreads Raises Venture Debt of Rs 2.5 Cr From Alteria Capital

Solethreads has launched the product recycling and reuse initiative ‘The Solester REUSE Programme’ that aims at sourcing sustainable materials and encouraging the upcycling process. With this, the brand reinstates and further, strengthens its ethical credentials based on the three pillars of comfort, innovation, and sustainability that the brand is built upon.

“With over 30 patents and counting, we lead innovation in the open footwear segment and take active steps in ensuring that all our products are either recycled, reclaimed or vegan; so that we can reduce our carbon footprint and work towards a sustainable tomorrow, today. As a part of this program, we also ensure to donate some items to relevant institutions and foundations, so that they can reuse them,” Gaurav Chopra, Co-founder of Solethreads, said. 

The company has established and promoted circular fashion through 'The Solester REUSE Programme'. This initiative allows anyone to exchange their flip flops and slippers, for reward points, which can be used to purchase the brand’s products. The footwear that the company receives through this initiative is, in turn, recycled and used to create new eco-friendly flip flops.

The brand is now using its expertise to ensure these sustainable and innovative processes are being utilized for The Solester REUSE program.

“With over 5,00,000 customers that are celebrating the joy of walking with Solethreads, we’ve grown into a much-loved and the most comfortable flip-flops brand. This exciting partnership with Alteria Capital will support us in widening our pipeline of sustainable innovation to reach out to a broader base of customers,” Sumant Kakaria, the CEO and co-founder of Solethreads, said. 

Of late, the brand also raised Rs 2.5 crore in venture debt funding from Alteria Capital to broaden its research and development, product portfolio and to meet the growing demand for flip flops in the country.

“Solethreads’ focus on comfort led by innovation and sustainability has struck a chord with the modern Indian consumer. We have closely watched them scale in a short period, and are excited to now partner with the team in building the next big challenger brand in the category,” Vivek Pillai, Principal of Alteria Capital, said. 

Early last year, the company raised Rs 13 crore in Series-A round funding from DSG Consumer Partners and Saama Capital. As the digital-first consumer brand, the company’s products can be bought from its official website and also, has a presence on other e-commerce platforms, including Amazon, Myntra, and Flipkart, and offline retail outlets. 
 

Primary Category
RECOMMENDED FOR YOU
TRENDING ARTICLE