Eco-friendly footwear brand Neeman’s, on Wednesday, said it has raised ₹20 crore (about $2.7 million) as a part of its Series A funding round led by Sixth Sense Ventures.
Founded in 2018, Neeman’s is a footwear startup that produces shoes made from Merino Wool, suitable for the Indian subcontinent.
According to the company, it will be utilizing the funds for product development, launching its brand in international markets, expansion of categories, and for research and development.
According to Taran Chhabra, founder and chief executive officer, Neeman’s, “We are elated that Neeman’s has in a short period 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.”
It may be mentioned that over the last two years, Neeman’s has also launched new-age products such as sustainable flips flops, slides and recycled cotton sneakers.
“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. Within two years, the (Neeman’s) team has demonstrated great ability to successfully launch innovative products disrupting the $11 billion footwear category,” said Nikhil Vora from Sixth Sense Ventures.
The firm last raised fundslast year from Anicut Angel Fund, the equity arm of Anicut Capital.
“India is a growing and flourishing direct-to-consumer (D2C) market, and when we first met Taran and Amar at Neeman’s, we immediately knew that their identification of an underserved category, original brand thinking and focus on quality products would hold them in good stead,” said Tushar Singh, representing Anicut Investors on Neeman’s Board.