Sustainable footwear startup Neeman’s has raised close to Rs 40 crore or $5.15 million in a Series B round led by existing investor Sixth Sense Ventures. For Neeman’s, the Series B round has come after nine of its Series A round.
Neeman’s has issued 95,173 Series B CCPS to raise Rs 39.7 crore led by Sixth Sense, regulatory filings shows. The Mumbai-based venture capital firm has spearheaded the round with Rs 24 crore followed by Grand Anicut which invested Rs 13.2 crore.
Kaval Preet Singh and Siddhant Sanghvi joined the round with Rs 1 crore each and the remaining amount came from Dominor Investment. The Series B round appears to be an ongoing one and the company is likely to corner more funds in the coming weeks.
According to Fintrackr’s estimates, the Hyderabad-based company has been valued at Rs 190-200 crore or $25-27 million (post-money).
Following this round, Sixth Sense has emerged as the largest stakeholder with nearly 42.94% whereas co-founders of Neeman’s – Taranjeet Singh Chhabra and Amar Preet Singh – diluted their shareholding to 19.84% and 9.84% respectively.
On the lines of the US-famed All Birds, Neeman’s manufactures comfortable shoes with merino wool, organic cotton, recycled PET bottles and tyres, tree wood, fruit pulp and bamboo.
Apart from its own website, the company leverages marketplaces like Amazon and Flipkart for distribution. It also began offline focus with a presence in Shoppers Stop and Lifestyle.
Neeman’s had raised Rs 20 crore or $2.7 million led by Sixth Sense in August and a seed round by Anicut Angel and AngelList in March 2020.
The company is yet to file its FY22 financial results but Singh recently claimed that it had closed the last fiscal year with Rs 50 crore($6.5 million) in revenue. In FY21, Neeman’s posted a revenue of Rs 6.98 crore with a loss of Rs 3.32 crore, as per its annual financial statement file with the Registrar of Companies (RoC).