Gurugram-based casual footwear brand Solethreads has raised $3.7 million in its Series A round from new and existing investors. Fireside Ventures led the round as a new investor while existing investors DSG Consumer Partners and Saama Capital along with the angel investors Nihir Nalin Parikh and Dhaval Nalin Parikh also participated in the round.
The startup has already raised around $3.5 million from DSG Consumer Partners and Saama Capital.
With the new capital, the firm is planning to enhance its design innovation lab and the R&D centre to strengthen its launch pipeline and explore new categories in the casual footwear space.
Co-founded in 2020 by Gaurav Chopra, Sumant Kakaria, Aprajit Kathuria and Vikram Iyer, Solethreads provides comfortable and stylish sneakers, flip-flops and slides of premium quality and international standards at sensible prices.
Currently, the brand claims to have a strong omni channel presence in more than 600 MBOs through distributors and in large retail formats such as Shoppers Stop, Reliance Retail, Metro Shoes, in 30 cities across the country along with e-commerce sites like Myntra, AJIO, Flipkart, Amazon and its own website.
On Monday, online youth fashion brand Styched acquired Flatheads, a direct-to-customer (D2C) casual sneaker startup in an all equity deal.
