Stride Ventures leads Rs 7 cr debt financing round in sustainable footwear brand Neeman’s
Stride Ventures, a leading venture capital firm in India, on Thursday announced a Rs 7 crore debt financing in sustainable footwear brand Neeman’s.
With this investment, the venture lending fund “with strong bank-to-corporate relationships pledges to be a strategic partner in the brand’s journey to disrupt the Indian footwear segment which primarily consists of leather footwear. leather,” the company said in a statement.
This is Stride’s 40th portfolio investment in the two funds. The proceeds will be deployed from the Stride Ventures India Fund – II and will be used by the footwear brand for expanding its portfolio, intensive product development and commitment to the planet. It will also allow them to enter new markets and segments.
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Commenting on the development, Ishpreet Singh, Founder and Managing Partner of Stride Ventures, said, “Clients are increasingly turning to eco-friendly businesses as the world moves towards sustainable living. As the Indian footwear industry is poised to grow at a steady pace, the D2C segment for the footwear industry has emerged as the fastest growing channel.”
“With its strong marketing strategy and broad social media presence, the brand has grown into PR, marketing, branding, influencer partnerships and other related functions,” he said. -he adds.
As a sustainable brand that uses all-natural, renewable, recyclable, and chemical-free materials, Neeman’s has focused on product development and intensive R&D.
Commenting on the funding, Amar Preet Singh, Founder and COO of Neeman’s, said, “We are thrilled to have Stride Ventures as our partner in the journey to change the way India wears shoes. Since our inception, our motto has been to make shoes that are durable and comfortable. shoes.”
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“This investment will allow us to strengthen our journey towards reducing the carbon footprint and remain committed to producing well-designed, comfortable footwear. It will also enable us to expand into other categories such as fashion and apparel” , did he declare.
Founder and CEO of Taran Chhabra, Neeman’s, said “Partnering with a fund that aligns with our founder-focused mindset is the right step for us.”
Since its inception, Stride Ventures has focused on investing in market leaders across all industries. Having been one of the most active venture debt companies this year, total commitments exceeded Rs 1,000 crore in portfolio companies across its two debt funds, the statement added.