Sumant Kakaria Joins Famy Aspire Capital
In a significant move less than two months after acquiring the D2C footwear brand Solethreads, co-founder and CEO Sumant Kakaria has transitioned to private equity firm Famy Aspire Capital as a partner. Kakaria shared this news through a post on LinkedIn on Tuesday, expressing enthusiasm for his new role.
Focus on Consumer and Healthcare Sectors
Famy Aspire Capital operates as a strategic private equity fund, primarily targeting the consumer and healthcare sectors. Backed by the Taparia family, the firm aims to invest in rapidly growing consumer enterprises.
Support for Founders
Kakaria mentioned in his post that the fund’s objective is to integrate an “operator-investor DNA” to assist founders in developing industry-leading companies. He pointed out the changing consumption trends in India’s consumer market, which present numerous opportunities for growth.
Acquisition of Solethreads
This development follows the acquisition of a complete stake in Solethreads by Tauseef Mirza, managing director of Mirza International, in March this year. Financial terms of the deal were not disclosed.
About Solethreads
Solethreads was founded in 2020 by an impressive team consisting of Sumant Kakaria, Gaurav Chopra, Vikram Iyer, and Aprajit Kathuria. Operating within the open and casual footwear segment, this Gurugram-based startup offers sneakers, slides, and flip-flops through various online and physical retail channels.
Funding Journey
The company has successfully raised over $7 million in funding since its inception. In July 2023, Solethreads secured $3.7 million in a Series A funding round led by Fireside Ventures, with participation from DSG Consumer Partners and Saama Capital. Previously, the startup had also garnered approximately $3.5 million from both DSG Consumer Partners and Saama Capital.
Evolution of Startup Founders
Kakaria’s shift from being a founder to an investor highlights a growing trend where startup founders are increasingly stepping into investment roles as India’s consumer ecosystem continues to evolve.