Neeman’s: Sustainable Footwear Startup Secures Fresh Funding
Sustainable footwear startup Neeman’s has successfully acquired new funding from both fresh and existing investors. This funding appears to be from a Series B round that commenced in June 2022. According to their regulatory filing with the Registrar of Companies (RoC), Neeman’s board issued 54,915 Series B2 compulsorily convertible preference shares (CCPS) at an issue price of Rs 6,465 per share, raising ₹35.50 crore.
The filing further indicates that the founders, Taranjeet Singh Chhabra and Amar Preet Singh, received 5,414 partly paid-up equity shares at the same issue price, with both contributing equally to this investment. This Series B2 round received backing from various investors, led by Snam Solutions (Muralidhar Dhuddu) with an investment of ₹16 crore, followed by Grand Anicut with ₹7 crore and Sharrp Ventures with ₹5 crore. Other institutional and individual investors collectively contributed ₹7.5 crore, as outlined in the RoC filing.
Startup Superb estimates that the company’s valuation post-money will reach approximately ₹439 crore ($49 million). The newly raised funds will be directed towards the company’s working capital and operational needs.
About Neeman’s
Neeman’s is an Indian footwear brand based in Hyderabad, founded in 2017 by Taranjeet Singh Chhabra and Amar Preet Singh. The brand focuses on creating eco-friendly and comfortable footwear using sustainable materials, operating under a direct-to-consumer (D2C) model. Neeman’s has been enhancing its online presence and is increasingly focusing on offline expansion as well. According to various sources from a startup data intelligence platform, Neeman’s has raised over $17 million till date.
Investor Stakes and Financial Performance
Following the latest share allotment, Grand Anicut holds an 8.63% stake in Neeman’s, while Enam Investments Pvt Ltd, Snam Solutions (Muralidhar Dhuddu), and Sharrp Ventures have stakes of 4.76%, 3.64%, and 3.51%, respectively.
For the fiscal year ending March 2024, Neeman’s reported an 11.4% year-on-year growth in operational revenue, reaching ₹76.94 crore, up from ₹69.05 crore in FY23. Over the same period, the company successfully reduced its net loss by 14%, reporting a loss of ₹29.23 crore compared to ₹33.98 crore in FY23. The company has yet to file its financial statements for FY25.