Footwear Startup Neeman’s Secures Fresh Funding from New and Existing Investors

As per Entrackr report, Neeman’s, a Hyderabad-based sustainable footwear startup, has successfully raised fresh funding from both new and existing investors. This funding is part of the Series B round initiated in June 2022, aimed at supporting the company’s growth and operational needs. 

Details of the Series B2 Funding Round 

In the latest funding round, Neeman’s board issued 54,915 Series B2 compulsorily convertible preference shares (CCPS) at an issue price of ₹6,465 per share, raising ₹35.50 crore. Additionally, the company allocated 5,414 partly paid-up equity shares to its founders, Taranjeet Singh Chhabra and Amar Preet Singh, who invested equally at the same issue price. 

The Series B2 round was led by Snam Solutions, which invested ₹16 crore. Other significant contributions came from Grand Anicut with ₹7 crore and Sharrp Ventures with ₹5 crore. Additional institutional and individual investors collectively infused ₹7.5 crore, as per the regulatory filing with the Registrar of Companies (RoC). 

Impact on Neeman’s Valuation and Stake Distribution 

Following this funding round, Neeman’s is estimated to have a post-money valuation of approximately ₹439 crore ($49 million). The fresh capital will be utilised for working capital and business operations, supporting the company’s continued expansion. 

According to TheKredible, a startup data intelligence platform, Neeman’s has raised over $17 million to date. Post-allotment, Grand Anicut holds an 8.63% stake in the company, while Enam Investments Pvt Ltd, Snam Solutions, and Sharrp Ventures hold 4.76%, 3.64%, and 3.51% stakes, respectively. 

Read More: Edtech Platform CollegeDekho Secures $10 Million Investment from CarDekho Group! 

Neeman’s Financial Performance 

For the fiscal year ending March 2024, Neeman’s reported an 11.4% year-on-year increase in revenue from operations, reaching ₹76.94 crore, up from ₹69.05 crore in FY23. The company also managed to narrow its net loss by 14%, reducing it to ₹29.23 crore compared to a loss of ₹33.98 crore in the previous fiscal year. 

Conclusion 

Neeman’s recent funding round underscores its commitment to growth and sustainability. With a strengthened financial position, the company is well-positioned to enhance its operational capabilities and expand its market presence. 

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