Sustainable footwear brand Neeman's has raised a debt funding of Rs 7 crore from Stride Ventures. The D2C start-up was founded two and a half years back and has sold 250,000 pairs of footwear since then.
This is the 40th investment in Stride's portfolio across its two funds. The amount will be deployed from Stride Ventures India Fund – II and will be utilised by the shoe brand for expanding its portfolio, intensive product development and commitment to the planet. It will also enable the company to enter new markets and segments.
Ishpreet Singh, founder and managing partner of Stride Ventures, said, "Customers are increasingly gravitating towards environment-friendly businesses, as the world moves towards a sustainable way of living. While the Indian footwear industry is poised to grow at a steady pace, the D2C segment for the footwear industry has become the fastest-growing channel.”
As a sustainable brand that uses completely natural, renewable, recyclable and chemical-free materials, Neeman's footwear are lightweight, flexible and machine washable.
Amar Preet Singh, founder and COO of Neeman's, said, "This investment will enable us to strengthen our journey towards reducing carbon footprint and stay committed to producing well-crafted comfortable shoes. It will also facilitate us in extending into other categories such as fashion and apparel."
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