Indian footwear startup Neeman’s has secured fresh funding from a mix of new and existing investors as part of its ongoing Series B fundraising, which began in June 2022. The latest capital infusion strengthens the company’s balance sheet as it focuses on scaling operations and supporting working capital needs.
According to regulatory filings with the Registrar of Companies (RoC), Neeman’s board has approved the allotment of 54,915 Series B2 compulsorily convertible preference shares (CCPS) at an issue price of Rs 6,465 per share, raising Rs 35.50 crore in this tranche.
In addition, the company issued 5,414 partly paid-up equity shares to its co-founders Taranjeet Singh Chhabra and Amar Preet Singh at the same valuation. Both founders invested equal amounts, reaffirming their continued commitment to the business.
Investor Participation and Valuation
The Series B2 round attracted participation from several institutional and individual backers. The round was led by Snam Solutions, represented by investor Muralidhar Dhuddu, which contributed Rs 16 crore. Grand Anicut followed with an investment of Rs 7 crore, while Sharrp Ventures infused Rs 5 crore. Other investors collectively added Rs 7.5 crore, as per the RoC filing.
Following this allotment, Neeman’s is estimated to be valued at approximately Rs 439 crore (around $49 million) on a post-money basis. The company plans to deploy the newly raised funds toward business operations, inventory management, and overall working capital requirements.
Business Overview
Founded in 2017 and headquartered in Hyderabad, Neeman’s operates as a direct-to-consumer (D2C) footwear brand, specialising in eco-friendly and comfort-focused shoes made from sustainable materials. While the brand has built a strong online presence, it has also been gradually expanding its offline footprint across India.
According to startup data intelligence platform TheKredible, Neeman’s has raised over $17 million in total funding to date. After the latest share allotment, Grand Anicut holds an 8.63% stake in the company, while Enam Investments Pvt Ltd, Snam Solutions, and Sharrp Ventures own 4.76%, 3.64%, and 3.51%, respectively.
Financial Performance
For the fiscal year ended March 2024, Neeman’s reported revenue from operations of Rs 76.94 crore, marking an 11.4% year-on-year growth compared to Rs 69.05 crore in FY23. During the same period, the company managed to reduce its net loss by 14%, narrowing losses to Rs 29.23 crore from Rs 33.98 crore in the previous fiscal year.
