Sneaker Culture in India: A Thriving Landscape for Homegrown Brands
Sneaker culture has transformed from mere footwear into a symbol of identity and personal expression, heavily influenced by basketball and hip-hop since the 1980s. Within India, the landscape has historically been dominated by international giants like Nike, Adidas and Puma, offering limited opportunities for domestic players. However, this dynamic is shifting as interest in sneaker culture escalates among Indian consumers.
Emergence of Homegrown Brands
Brands such as Neeman’s, Comet, Gully Labs, and Snitch are now making their mark with unique designs, pricing strategies, and brand identities, aiming to create viable alternatives to established labels. This rising interest has not gone unnoticed by investors, as funding begins to flow into this burgeoning sector, encouraging homegrown brands to capitalise on the increasing consumer enthusiasm for sneakers.
Neeman’s Leading the Charge
Neeman’s is among the pioneering homegrown brands benefiting from this emerging trend, reporting a remarkable 73% year-on-year revenue increase from operations to Rs 180 crore in FY26, up from Rs 104 crore the previous year, based on its annual financial statements reviewed by Startup Superb. Established in 2017 by Taranjeet Singh Chhabra and Amar Preet Singh, Neeman’s adopts a direct-to-consumer (D2C) model, specialising in comfortable footwear crafted from sustainable materials. Its product range now encompasses sneakers, loafers, flip-flops, slides, and sandals.
Financial Overview of Neeman’s
Footwear sales constitute Neeman’s primary source of operating revenue. Additionally, the company generated approximately Rs 3 crore from net gains on investments, which brought its total income to Rs 183 crore in FY26, an increase from Rs 107 crore in the previous fiscal year.
Cost Structure and Expenditure
For a footwear-reliant company, material and manufacturing costs inherently represent a significant portion of overall expenses. At Neeman’s, material procurement specifically accounted for 38% of its total expenditures. Reflecting the operational scale, this cost surged by 58.3% to Rs 76 crore in FY26, compared to Rs 48 crore in FY25. The employee benefit expenses were recorded at Rs 19.43 crore, while advertising and marketing outlays rose by 57.1% to Rs 45 crore during the year. Other overheads in legal, technology, finance, and travel contributed to a total expenditure increase of 53.1% to Rs 199 crore in FY26.
Balancing Revenue Growth with Expenditure
Notably, while Neeman’s revenue rose by 73%, the expense growth was relatively moderate. This dynamic enabled Neeman to decrease its losses by 30.4% to Rs 16 crore in FY26, down from Rs 23 crore in the prior fiscal year. On a per unit basis, the company invested Rs 1.11 to generate each rupee of operating revenue. The return on capital employed (ROCE) and EBITDA margin also showed improvement, reaching -28.46% and -7.21%, respectively.
Investment Landscape in the Sneaker Segment
To date, Neeman’s has secured around $17 million in funding from investors including Grand Anicut and Sharrp Ventures. The broader sneaker sector is attracting significant investor interest; Comet recently obtained Rs 100 crore led by Verlinvest, while Gully Labs has initiated its Series A funding round this year.
The Future of India’s Sneaker Market
India’s sneaker market is evolving beyond its niche appeal, as younger consumers increasingly gravitate towards innovative designs, collaborative projects, and limited-edition releases. Homegrown brands stand poised to capitalise on this trend, yet consumer enthusiasm alone will not ensure sustainability. The real challenge lies in transforming first-time buyers into loyal customers, ensuring product relevance, and establishing sound financial fundamentals as competition intensifies. The key question remains: will India’s passion for sneakers continue to expand, paving the way for more domestic brands, or will the sector eventually settle into a traditional lifestyle market with moderate growth?