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Stride Ventures on Thursday said that it has led a ₹7 crore debt funding in sustainable footwear brand Neeman’s. The funding will be done through Stride Ventures India Fund - II and will be utilised by the shoe brand for expanding its portfolio, investing in product development and commitment to the planet.
It will also enable them in to at entering newer markets and segments.
Ishpreet Singh, Founder and Managing Partner, Stride Ventures, said, “Customers are increasingly gravitating towards environment-friendly businesses, as the world moves towards a sustainable way of living. While the Indian footwear industry is poised to grow at a steady pace, the D2C segment for the footwear industry has become the fastest-growing channel. With its strong marketing strategy and large social media presence, the brand has expanded across PR, marketing, brand strategy, influencer partnerships and other allied functions. Taran and Amar have ensured that Neeman’s is well-placed to tap a huge target addressable market, and we are pleased to partner with them on this journey.”
As a sustainable brand that uses completely natural, renewable, recyclable and chemical-free materials, Neeman’s value proposition across products include comfort, durability and eco-friendliness. The footwear is lightweight, flexible, machine washable, and can be worn with and sock-free, making them suitable for the varied Indian weather. It has sold two lakh pairs of shoes till date.
Amar Preet Singh, Founder & COO Neeman’s, said, “We are excited to have Stride Ventures as our partners in the journey of changing how India wears shoes. Since our inception, our motto has been to craft sustainable and comfortable shoes. Thus, we launched footwear using unexplored natural and renewable fabrics such as Merino Wool, Recycled PET bottles and even recycled tyres, which the new-age conscious consumers have well accepted. This investment will enable us to strengthen our journey towards reducing carbon footprint and stay committed to producing well-crafted comfortable shoes. It will also facilitate us in extending into other categories such as fashion and apparel.”
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