Eco-Friendly Footwear Startup Neeman's raises INR 20 crore led by Sixth Sense Ventures
Neeman's, an eco-friendly footwear startup, announced a Rs 20 crore (approximately $2.7 million) Series-A round of funding from Sixth Sense Ventures.
Neeman's was founded in 2018 by first-generation entrepreneurs Taran Chhabra and Amar Preet, who have a combined experience of over 25 years across startups and large US-based corporates. The startup has introduced Merino Wool shoes in India.
Because of its unique temperature regulating property, sustainability, and comfort, this unexplored yarn is ideal for all-day wear on the Indian subcontinent.
While the Indian footwear industry has been plagued by a lack of innovation, Neeman's has introduced cutting-edge products like Sustainable Flip Flops, Slides, and Recycled Cotton Sneakers in the last two years. Despite the COVID-19 pandemic's restrictions, their focus on both product and customer resulted in a 600 percent increase last year.
India is the world's second-largest footwear consumer, with the overall category growing at close to 8% and the non-leather footwear segment growing at a much faster rate. This trend is attributed to a variety of factors, including premiumization, growing environmental concern, and a shift toward branded footwear.
The funds will be used for intensive product development, launching Neeman's in international markets, category expansion, and further strengthening their commitment to the planet and being a champion of sustainability through research and development of new eco-friendly technologies.
Commenting on the funding, Taran Chhabra, Founder and CEO Neeman's, said, "The investment from our new partner, Sixth Sense Ventures, reassures us that we are taking the right steps and strengthens our commitment to providing people with superior quality comfortable, eco-friendly and stylish footgear. We are excited about our soon-to-be collection, which is made with a material that is so far considered to be a key pollutant. Without revealing much, can say, the shoe is a first-of-its-kind sneaker in India and will change how Indian's wear shoes," adds Chhabra.
Neeman's was founded in 2018 by first-generation entrepreneurs Taran Chhabra and Amar Preet, who have a combined experience of over 25 years across startups and large US-based corporates. The startup has introduced Merino Wool shoes in India.
Because of its unique temperature regulating property, sustainability, and comfort, this unexplored yarn is ideal for all-day wear on the Indian subcontinent.
While the Indian footwear industry has been plagued by a lack of innovation, Neeman's has introduced cutting-edge products like Sustainable Flip Flops, Slides, and Recycled Cotton Sneakers in the last two years. Despite the COVID-19 pandemic's restrictions, their focus on both product and customer resulted in a 600 percent increase last year.
India is the world's second-largest footwear consumer, with the overall category growing at close to 8% and the non-leather footwear segment growing at a much faster rate. This trend is attributed to a variety of factors, including premiumization, growing environmental concern, and a shift toward branded footwear.
The funds will be used for intensive product development, launching Neeman's in international markets, category expansion, and further strengthening their commitment to the planet and being a champion of sustainability through research and development of new eco-friendly technologies.
Commenting on the funding, Taran Chhabra, Founder and CEO Neeman's, said, "The investment from our new partner, Sixth Sense Ventures, reassures us that we are taking the right steps and strengthens our commitment to providing people with superior quality comfortable, eco-friendly and stylish footgear. We are excited about our soon-to-be collection, which is made with a material that is so far considered to be a key pollutant. Without revealing much, can say, the shoe is a first-of-its-kind sneaker in India and will change how Indian's wear shoes," adds Chhabra.
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