Sustainable footwear startup Neeman’s has secured ₹35.5 crore in fresh funding, marking another tranche of its ongoing Series B fundraising that began in June 2022. The latest capital infusion underscores continued investor confidence in the Hyderabad-based brand as it sharpens operations and prepares for its next phase of growth in India’s competitive consumer landscape.
The funding details were revealed through regulatory filings with the Registrar of Companies (RoC), offering insights into both investor participation and founder commitment. In this article, we delve into Neeman’s latest ₹35.5 crore Series B2 funding round, exploring investor participation, founder reinvestment, valuation impact, financial performance, and how the sustainable footwear brand is positioning itself for its next phase of growth.
Credits: Inc 42
Series B2 Allotment Details
According to the filings, Neeman’s board approved the issuance of 54,915 Series B2 compulsorily convertible preference shares at an issue price of ₹6,465 per share. This move enabled the company to raise a total of ₹35.50 crore in the latest tranche.
The Series B2 round is part of the broader Series B fundraising, reflecting a phased approach to capital raising as the company aligns funding with operational milestones.
Founders Reinvest to Signal Long-Term Commitment
In a strong vote of confidence, Neeman’s co-founders Taranjeet Singh Chhabra and Amar Preet Singh also infused fresh capital into the business. The company issued 5,414 partly paid-up equity shares to the founders at the same issue price, with both investing equal amounts.
Founder participation alongside institutional investors is a notable signal, particularly at a time when consumer brands are prioritising capital efficiency, profitability pathways, and disciplined expansion. It reinforces the founders’ belief in Neeman’s long-term strategy and sustainability-led operating model.
Strong Investor Participation in Series B2
The latest round saw backing from a mix of new and existing investors. Snam Solutions, represented by Muralidhar Dhuddu, led the Series B2 tranche with an investment of ₹16 crore. Grand Anicut followed with ₹7 crore, while Sharrp Ventures invested ₹5 crore. Other institutional and individual investors together contributed ₹7.5 crore, as per regulatory disclosures.
Post-allotment, Grand Anicut holds an 8.63% stake in Neeman’s. Enam Investments Pvt Ltd owns 4.76%, while Snam Solutions and Sharrp Ventures hold 3.64% and 3.51%, respectively.
Valuation and Deployment of Capital
Following the latest funding, Neeman’s is estimated to be valued at approximately ₹439 crore, or around $49 million, on a post-money basis.
The company plans to utilise the fresh capital primarily for working capital requirements and ongoing business operations. This includes supporting day-to-day functions across sales, supply chain management, and customer engagement, helping the brand maintain operational momentum amid a challenging retail environment.
Building a Sustainability-First Footwear Brand
Founded in 2017, Neeman’s has carved a niche in India’s footwear market by focusing on eco-friendly and sustainable materials without compromising on comfort or design. The brand operates on a direct-to-consumer (D2C) model, backed by a strong online presence and an expanding offline retail footprint.
To date, Neeman’s has raised over $17 million across multiple funding rounds, which has enabled product innovation, brand-building initiatives, and wider market reach.
Financials Show Improving Trajectory
Neeman’s financial performance reflects gradual but steady improvement. For the financial year ended March 2024, the company reported ₹76.94 crore in revenue from operations—an 11.4% year-on-year increase from ₹69.05 crore in FY23.
More notably, the company managed to reduce its net loss by 14%, narrowing it to ₹29.23 crore from ₹33.98 crore in the previous year. Financial statements for FY25 are yet to be filed.
Credits: Indian Retailer
Positioned for the Next Phase of Growth
With fresh funding in place, improving financial metrics, and strong founder involvement, Neeman’s is gearing up for its next phase of growth. As investors increasingly back brands with clear paths to sustainability and scale, Neeman’s appears well-positioned to expand responsibly while staying true to its eco-conscious brand identity.
