Anicut Angel Fund has made its maiden investment and led a pre-Series A round of close to a $1 million in Hyderabad-based Neeman’s, an eco-conscious footwear brand making comfortable shoes using Merino Wool.
Tushar Singh and Rohit Anand were the leads of this round of investment on behalf of Anicut, with Tushar joining the company board. Through Anicut, Ashvin Chadha, Arjun Seth, Abhishek Goyal, Ambarish Raghuvanshi, and Sanjay Kapoor are among the investors who participated in this round. Other investors like AngelList and a clutch of serial entrepreneurs also participated in the current round.
The current round of funding will be used by the startup to expand business operations, introduce new designs and segments, work on product development, and bolster marketing initiatives.
Founded in 2017 by Taran Chhabra and Amar Preet Singh, Neeman’s claims that its shoes are natural, lightweight, flexible, breathable, moisture-wicking, odour-resistant, cool in summer and warm in winter, and machine-washable.
According to Neeman’s, the footwear market is slated to grow to $25 billion in the next two years, with lifestyle products leading the pack. By 2021, the branded segment will grab half of the market and this will be aided by an exponential growth in both organised and online retail, it added.
Started in late 2019, Anicut Angel Fund provides early stage capital to startups. The investment in Neemans’ marks the first investment made by Anicut Angel Fund.
Lead investor Tushar Singh and Rohit Anand said, “Comfort, design sensibility, and sustainability are some things that Neeman’s epitomises. With a deep understanding of shoe design and a commitment to using premium, natural, and sustainable fabrics and raw materials, we feel that Taran and Amar have delivered excellent products, in line with the brand philosophy of Neeman’s.”
“Going forward, we believe this investment will support their journey as they scale up in a growing footwear market in India, while targeting aware, responsible, comfort-seeking, and fashion-conscious customers,” they added.
Taran Chhabra, Founder and CEO of Neeman’s, said, “We are here to redefine the shoe industry using natural, superior-quality, and environment-friendly products. Creating extremely comfortable and durable shoes that can be worn year-round with the same comfort has been the key motivating factor in starting Neeman’s.”
Amar Preet, Co-founder of Neeman’s, added, “We have partnered with one of the best wool fabric mills and crafted a design in which Merino wool goes through a proprietary process to create a fabric that is durable, has great next-to-skin comfort and holds the test for our range of shoes.”
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