ⓘ Featured image details: Neeman’s co-founders, Amar Preet Singh (L) and Founder Taran Chhabra (R)
Hyderabad-based sustainable shoe brand Neeman’s on Monday (2 March) raised $1 million in Pre-Series A round led by Anicut Angel Fund with participation from AngelList and some serial entrepreneurs.
Amar Preet Singh, one of the co-founders of Neeman’s in a statement said that the company will utilise the funds to create new designs & colours and also open their own exclusive stores by the end of 2020…
“In addition, we will also be looking at launching kids footwear as we are already present in men and women’s footwear range. We will also look at capturing the online market and apart from selling from our website we will be partnering existing e-commerce platforms like Myntra to sell our footwear,”
Started by Taran Chhabra and Amar Preet Singh in 2018, Neeman’s offer eco-friendly shoes made from Merion sheep wool which is a breed that is only found in extremely cold conditions, found in Australia, New Zealand. The shoes are flexible, breathable with washable soles, odour-resistant. the inside soles of the shoes are made of plant-based castor bean oil, recycled rubber and waste paper.
The company has partnered with The Woolmark Company, Australia, a global authority that supplies Merino wool. The raw material for the shoes is shipped to London for design, then to South Korea for fabric creation, the final product is manufactured in China, and finally reaches Hyderabad to Neeman’s warehouse in Shamshabad.
Neeman’s is also planning to open a manufacturing unit in India sooner or later to meet the growing demand.
“We have been able to capture the market and have got a good traction in terms of customers. We are the first shoe startup in India to have got funding from external investors,” Singh added.