Solethreads raises debt financing from Alteria Capital

Flip-flop brand Solethreads has raised 2.5 crore in debt financing from Alteria Capital. The start-up said it would use the funds to boost research and development and expand its product portfolio.

It has also launched the “Solester Reuse” program which will focus on product recycling, with the aim of sourcing sustainable materials and encouraging the “upcyling” process.

“With over 5,000,000 customers celebrating the joy of walking with Solethreads, we’ve become a popular flip-flop brand. This exciting partnership with Alteria Capital will help us expand our portfolio of sustainable innovations to reach a broader client base, ”said Sumant Kakaria, CEO and co-founder of Solethreads.

Earlier this year, the start-up raised 13 crore yen in a Series A funding from DSG Consumer Partners and Saama Capital. The digital brand is available through its D2C website and on major e-commerce platforms, as well as in offline retail stores.

The company said its reuse initiative will allow anyone to redeem their flip flops and slippers for reward points, which can then be used to purchase the brand’s products. The shoes the company receives as part of this initiative will be recycled and used to create new eco-friendly Solethreads flip flops.

Gaurav Chopra, Co-Founder, said: “With over 30+ patents, we are at the forefront of innovation in the open footwear segment and taking active steps to ensure that all of our products are either recycled, recovered. or vegans; so that we can reduce our carbon footprint and work towards a sustainable future. As part of this program, we also make sure to donate certain items to the institutions and foundations concerned, so that they can reuse them.

Vivek Pillai, Director of Alteria Capital added: “Solethreads’ focus on comfort driven by innovation and sustainability has struck a chord with the modern Indian consumer. We have seen them in almost no time and are delighted to now partner with the team to create the next big brand challenger in the category.

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