Exclusive: Footwear brand Neeman’s raising fresh funding from multiple investors

Sustainable footwear startup Neeman’s has raised fresh funding from new and existing investors. This appears to be part of a Series B round that kicked off in June 2022.

Neeman’s board issued 54,915 Series B2 compulsorily convertible preference shares (CCPS) at an issue price of Rs 6,465 per share to raise Rs 35.50 crore, according to its regulatory filing with the Registrar of Companies (RoC).

The filing also shows that the company issued 5,414 partly paid-up equity shares to founders Taranjeet Singh Chhabra and Amar Preet Singh at the same issue price, with both founders investing equally.

The Series B2 round saw participation from multiple investors, led by Snam Solutions (Muralidhar Dhuddu) with an investment of Rs 16 crore, followed by Grand Anicut at Rs 7 crore and Sharrp Ventures at Rs 5 crore, while other institutional and individual investors collectively infused Rs 7.5 crore, as per the RoC filing.

As per Entrackr’s estimates, the company will be valued at around Rs 439 crore ($49 million) on a post-money basis. The fresh funds will be utilised for the working capital and business operations of the company.

Neeman’s is a Hyderabad-based Indian footwear brand founded in 2017 by Taranjeet Singh Chhabra and Amar Preet Singh. The company focuses on eco-friendly, comfortable shoes made from sustainable materials and follows a direct-to-consumer (D2C) model, with a growing online presence and an increasing focus on offline expansion.

According to startup data intelligence platform TheKredible, the company has raised over $17 million to date. Following the latest allotment, Grand Anicut holds an 8.63% stake in Neeman’s, while Enam Investments Pvt Ltd, Snam Solutions (Muralidhar Dhuddu), and Sharrp Ventures hold 4.76%, 3.64%, and 3.51% stakes, respectively.

For the fiscal year ended March 2024, Neeman’s reported an 11.4% year-on-year increase in revenue from operations to Rs 76.94 crore from Rs 69.05 crore in FY23. During the year, the company narrowed its net loss by 14% to Rs 29.23 crore, compared to a loss of Rs 33.98 crore in FY23. The company is yet to file its financial statements for FY25.