Sustainable footwear startup Neeman’s in talks to raise Rs 100-120 cr

Sustainable footwear startup Neeman’s is in advanced talks with institutional investors and growth funds to raise around Rs 100-120 crore in a Series B funding round where existing angel and venture capital investors evinced interest to participate.

The Hyderabad-headquartered startup, which raised a couple of rounds of funding including an angel round of $1 million from Anicut Capital and Series A funding of $2.7 million from Sixth Sense Ventures, was valued at around Rs 100 crore in the last round.

“We are expecting five to six times growth in valuation in the latest round, backed by nearly 600 percent growth in revenues last fiscal at around Rs 50 crore,” Neeman’s co-founder and director Amar Preet Singh told Moneycontrol, adding that they expect to close the fresh fundraising round over the next few weeks.

Having introduced four sustainable footwear models produced from Marino wool, organic cotton, recycled PET bottles and recycled tyres, Neeman’s is now preparing to unveil three more eco-friendly footwear models made from tree wood, fruit pulp and bamboo over the next few months.