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 originally commenced in June 2022.
As part of this round, the company’s board approved the issuance of 54,915 Series B2 compulsorily convertible preference shares (CCPS) at a price of Rs 6,465 per share, enabling Neeman’s to raise Rs 35.50 crore. In addition, the company allotted 5,414 partly paid-up equity shares at the same price to co-founders Taranjeet Singh Chhabra and Amar Preet Singh, with both founders making equal investments.
Moreover, the Series B2 tranche attracted participation from several investors. Snam Solutions, backed by Muralidhar Dhuddu, led the round with an investment of Rs 16 crore. This was followed by Grand Anicut, which contributed Rs 7 crore, and Sharrp Ventures, which invested Rs 5 crore. Other institutional and individual investors collectively infused an additional Rs 7.5 crore.
As a result, the latest fundraising will value Neeman’s at approximately Rs 439 crore ($49 million) on a post-money basis. The company plans to deploy the newly raised capital toward strengthening its working capital position and supporting ongoing operational requirements.
Founded in 2017 and headquartered in Hyderabad, Neeman’s has built a reputation for eco-conscious footwear made using sustainable materials. The brand primarily operates on a direct-to-consumer model and, over time, has established a strong digital presence while steadily expanding its offline retail footprint.
To date, Neeman’s has raised more than $17 million in funding. Following the latest round, Grand Anicut now holds an 8.63 percent stake in the company, while Enam Investments, Snam Solutions, and Sharrp Ventures own 4.76 percent, 3.64 percent, and 3.51 percent stakes, respectively.
Meanwhile, for FY24, Neeman’s reported an 11.4 percent year-on-year increase in revenue, reaching Rs 76.94 crore compared to Rs 69.05 crore in FY23. Additionally, the company reduced its net loss by 14 percent to Rs 29.23 crore from Rs 33.98 crore in the previous year. However, Neeman’s has not yet disclosed its financial performance for FY25.
