Sustainable footwear startup Neeman’s has raised fresh funding from a mix of new and existing investors, marking another tranche of its ongoing Series B fundraising that began in June 2022. The latest capital infusion reflects continued investor interest in the Hyderabad-based company as it works toward strengthening operations and supporting long-term growth.
According to regulatory filings with the Registrar of Companies, Neeman’s board approved the issuance of 54,915 Series B2 compulsorily convertible preference shares at an issue price of Rs 6,465 per share. Through this allotment, the company raised Rs 35.50 crore.
Founders add fresh capital alongside investors
The filings also show that Neeman’s issued 5,414 partly paid-up equity shares to founders Taranjeet Singh Chhabra and Amar Preet Singh at the same issue price. Both founders invested equal amounts, reinforcing their continued commitment to the business as it enters its next phase of expansion.
Founder participation alongside institutional investors highlights confidence in the company’s strategy and operating model, particularly at a time when consumer brands are focusing on sustainable growth and capital efficiency.
Strong participation in Series B2 tranche
The Series B2 round saw participation from multiple investors. Snam Solutions, represented by Muralidhar Dhuddu, led the round with an investment of Rs 16 crore. Grand Anicut followed with Rs 7 crore, while Sharrp Ventures invested Rs 5 crore. Other institutional and individual investors collectively infused Rs 7.5 crore, as detailed in the regulatory disclosures.
Following the latest allotment, Grand Anicut holds an 8.63 percent stake in Neeman’s. Enam Investments Pvt Ltd owns 4.76 percent, while Snam Solutions and Sharrp Ventures hold stakes of 3.64 percent and 3.51 percent, respectively.
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Valuation and use of proceeds
After factoring in the latest round, Neeman’s is estimated to be valued at around Rs 439 crore, or approximately $49 million, on a post-money basis. The company plans to utilise the fresh capital for working capital requirements and ongoing business operations.
The funds are expected to support day-to-day operational needs while helping the brand maintain momentum across sales, supply chain, and customer engagement channels.
Building a sustainability-first footwear brand
Founded in 2017 by Taranjeet Singh Chhabra and Amar Preet Singh, Neeman’s is a Hyderabad-based Indian footwear brand focused on producing comfortable shoes made from sustainable and eco-friendly materials. The company follows a direct-to-consumer model, supported by a strong online presence and a growing offline footprint.
To date, Neeman’s has raised over $17 million across multiple funding rounds, which has supported product innovation, brand building, and market expansion.
Financial performance shows steady improvement
For the financial year ended March 2024, Neeman’s reported an 11.4 percent year-on-year increase in revenue from operations to Rs 76.94 crore, compared to Rs 69.05 crore in FY23.
During the same period, the company narrowed its net loss by 14 percent to Rs 29.23 crore, from a loss of Rs 33.98 crore in the previous year. The company has not yet filed its financial statements for FY25.
Preparing for the next phase of growth
With fresh capital in place and improving financial metrics, Neeman’s is focused on strengthening its operational base. Backed by continued investor support and active founder involvement, the company is positioning itself to scale responsibly while staying aligned with its sustainability-led brand identity.
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