Neeman's Raises Rs 35.5 Crore in Series B2 Funding Round
- Neeman’s raises Rs 35.5 crore in fresh funding, extending its Series B round with participation from new and existing investors.
- Post-money valuation reaches Rs 439 crore, as funds are earmarked to strengthen working capital and support operational expansion.
- Eco-friendly D2C footwear brand shows improving financials, with FY24 revenue growth and reduced losses amid measured offline and online scale-up.
Sustainable footwear brand Neeman’s has raised fresh capital from a mix of new and existing investors, in what appears to be an extension of its Series B funding round that was originally launched in June 2022. The latest infusion signals continued investor confidence in the brand as it looks to strengthen its operations and scale its business.
According to regulatory filings, Neeman’s board has approved the issuance of 54,915 Series B2 compulsorily convertible preference shares (CCPS) at a price of Rs 6,465 per share, raising a total of Rs 35.50 crore. In addition, the company allotted 5,414 partly paid-up equity shares at the same valuation to its co-founders, Taranjeet Singh Chhabra and Amar Preet Singh, with both founders making equal capital contributions.
The Series B2 tranche saw participation from multiple investors. Snam Solutions, backed by investor Muralidhar Dhuddu, emerged as the largest contributor with an investment of Rs 16 crore. This was followed by Grand Anicut, which invested Rs 7 crore, and Sharrp Ventures, which put in Rs 5 crore. Other institutional and individual investors collectively contributed approximately Rs 7.5 crore to the round.
Following this funding, Neeman’s post-money valuation is estimated to be around Rs 439 crore, or roughly $49 million. The company has stated that the newly raised capital will be used primarily to strengthen its working capital position and support ongoing operational requirements, as it continues to expand both its online and offline presence.
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Founded in 2017 and headquartered in Hyderabad, Neeman’s has positioned itself as an eco-conscious footwear brand, offering products made using sustainable and recycled materials. The company operates largely through a direct-to-consumer model, leveraging its digital platforms to reach customers, while also steadily expanding its physical retail footprint across key Indian cities.
To date, Neeman’s has raised more than $17 million in funding across multiple rounds. Following the latest allotment, venture capital firm Grand Anicut now holds an 8.63 percent stake in the company. Enam Investments, Snam Solutions, and Sharrp Ventures hold stakes of 4.76 percent, 3.64 percent, and 3.51 percent, respectively.
On the financial front, Neeman’s reported steady improvement in its performance during FY24. The company posted an 11.4 percent year-on-year increase in operating revenue, which rose to Rs 76.94 crore from Rs 69.05 crore in FY23. It also managed to narrow its losses, with net loss declining by 14 percent to Rs 29.23 crore in FY24, compared to Rs 33.98 crore in the previous fiscal year. The company has not yet disclosed its financial results for FY25.
With fresh capital in hand and improving financial metrics, Neeman’s is expected to continue focusing on operational efficiency, inventory management, and measured expansion as it navigates a competitive and evolving consumer footwear market.
