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Exclusive: Footwear brand Neeman’s raising fresh funding from multiple investors

EntrackrEntrackr · 1m ago
Exclusive: Footwear brand Neeman’s raising fresh funding from multiple investors
Medial

Exclusive: Footwear brand Neeman’s raising fresh funding from multiple investors For the fiscal year ended March 2024, Neeman’s reported an 11.4% year-on-year increase in revenue from operations to Rs 76.94 crore from Rs 69.05 crore in FY23. Sustainable footwear startup Neeman’s has raised fresh funding from new and existing investors. This appears to be part of a Series B round that kicked off in June 2022. Neeman’s board issued 54,915 Series B2 compulsorily convertible preference shares (CCPS) at an issue price of Rs 6,465 per share to raise Rs 35.50 crore, according to its regulatory filing with the Registrar of Companies (RoC). The filing also shows that the company issued 5,414 partly paid-up equity shares to founders Taranjeet Singh Chhabra and Amar Preet Singh at the same issue price, with both founders investing equally. The Series B2 round saw participation from multiple investors, led by Snam Solutions (Muralidhar Dhuddu) with an investment of Rs 16 crore, followed by Grand Anicut at Rs 7 crore and Sharrp Ventures at Rs 5 crore, while other institutional and individual investors collectively infused Rs 7.5 crore, as per the RoC filing. As per Entrackr’s estimates, the company will be valued at around Rs 439 crore ($49 million) on a post-money basis. The fresh funds will be utilised for the working capital and business operations of the company. Neeman’s is a Hyderabad-based Indian footwear brand founded in 2017 by Taranjeet Singh Chhabra and Amar Preet Singh. The company focuses on eco-friendly, comfortable shoes made from sustainable materials and follows a direct-to-consumer (D2C) model, with a growing online presence and an increasing focus on offline expansion. According to startup data intelligence platform TheKredible, the company has raised over $17 million to date. Following the latest allotment, Grand Anicut holds an 8.63% stake in Neeman’s, while Enam Investments Pvt Ltd, Snam Solutions (Muralidhar Dhuddu), and Sharrp Ventures hold 4.76%, 3.64%, and 3.51% stakes, respectively. For the fiscal year ended March 2024, Neeman’s reported an 11.4% year-on-year increase in revenue from operations to Rs 76.94 crore from Rs 69.05 crore in FY23. During the year, the company narrowed its net loss by 14% to Rs 29.23 crore, compared to a loss of Rs 33.98 crore in FY23. The company is yet to file its financial statements for FY25.

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Exclusive: Captain Fresh lines up debt funding before public listing

EntrackrEntrackr · 7m ago
Exclusive: Captain Fresh lines up debt funding before public listing
Medial

Exclusive: Captain Fresh lines up debt funding before public listing B2B seafood supply chain company, Captain Fresh is raising Rs 45 ($5.3 million) in debt funding from Lighthouse Canton and Stride Ventures ahead of its planned initial public offering (IPO). The Bengaluru-based company recently transitioned into a public entity, as exclusively reported by Entrackr a couple of weeks ago. As per its filings with the Registrar of Companies (RoC), Captain Fresh’s board has passed resolutions to issue 4,500 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 each to raise the aforementioned amount. Notably, the company has already received Rs 30 crore from Lighthouse Cantor, with the remaining amount expected to follow shortly. The Tiger Global-backed company reportedly plans to file its IPO papers in mid-August and is in talks to raise $50–75 million in a pre-IPO round ahead of its proposed $400 million initial public offering. It has also roped in Axis Capital and Bank of America (BofA) as lead bankers for the issue. Founded in 2019 by Utham Gowda, Captain Fresh is a multi-species seafood brand that provides a platform for sourcing and supplying animal protein, including fish, crabs, lobsters, and other seafood. According to the startup data intelligence platform TheKredible, Captain Fresh has raised over $200 million to date, including a $30 million pre-IPO round in January this year from Prosus, Accel, Tiger Global, and others. Matrix Partners, Accel, Tiger Global, Ankur Capital, and Prosus are some notable investors for Captain Fresh. While the company has yet to disclose its FY25 numbers, Captain Fresh’s gross revenue (GMV) rose 71% to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also reduced its net loss by 22%, bringing it down to Rs 229 crore in the same period.

Agilitas Sports acquires exclusive license of Lotto for India and other markets

EntrackrEntrackr · 1y ago
Agilitas Sports acquires exclusive license of Lotto for India and other markets
Medial

Agilitas Sports, a sportswear and athleisure solutions platform, has acquired the brand license for Italian sports brand Lotto from owner WHP Global. Through this long-term license, Agilitas has the exclusive rights to design, manufacture, promote, and distribute the Lotto brand in India, Australia, and soon in South Africa. “Through this 40-year license agreement, we will build and implement state-of-the-art manufacturing, cutting-edge technology, and design innovation for Lotto for its product development, in addition to marketing and retailing of the brand,” said Abhishek Ganguly, co-founder and CEO of Agilitas Sports. He added that Agilitas will invest in a dedicated management team to grow the Lotto brand through product creation, design innovation, supply chain, branding, marketing, and channels of distribution. With an aim to launch by early 2025, Agilitas plans a multi-category offering in footwear, apparel, accessories, and sports equipment. In September 2023, it acquired Mochiko, a manufacturer of sports footwear for brands such as Adidas, New Balance, and Reebok. As per the company, Mochiko’s establishment of a dedicated factory in Noida to manufacture Lotto validates Agilitas Sports’ commitment to manufacturing in India. Founded by former Puma India managing director Ganguly along with his colleagues Atul Bajaj and Amit Prabhu, Agilitas Sports has already raised more than $60 million across two rounds from a fund managed by Convergent Finance LLP and Nexus Venture Partners. Earlier this month, Agilitas Sports appointed Richard Zartman as the vice president of footwear design. As part of the founding team, Richard will lead the group’s portfolio of athletic sportswear brands.

Exclusive: Pepperfry to secure fresh funds from existing investors

EntrackrEntrackr · 9m ago
Exclusive: Pepperfry to secure fresh funds from existing investors
Medial

Exclusive: Pepperfry to secure fresh funds from existing investors Omnichannel furniture brand Pepperfry is raising Rs 43.3 crore (approximately $5.1 million) from existing investors including General Electric Pension Fund, Norwest Venture Partners, Goldman Sachs, Panthera Growth Partners, and others. This funding follows its $23 million round raised in September 2023 from the same investors. The Pepperfry’s board passed a resolution to approve the issue of 5,59,463 compulsory convertible preference shares at an issue price of Rs 775 each to raise the aforementioned sum, its regulatory filings accessed from the Registrar of Companies (RoC) show. General Electric will lead the funding with Rs 21.5 crore ($2.5 million) followed by Norwest Venture Partners and Panthera Growth Partners who will infuse Rs 8.52 crore and Rs 6.45 crore, respectively, to increase their stakes in the company. Goldman Sachs, Erste WV Gutersloh GmbH, and Growth Equity Opportunity Fund Cayman Holdings Ltd will cover the rest of the funding amount. According to the filing, the company will utilize the proceeds from this funding for growth, expansion, and general corporate purposes. As per Entrackr estimates, Pepperfry will be valued at Rs 3,120 crore or $367 million (post-allotment). Pepperfry operates on a marketplace model across both online and offline channels. Offering a catalog of over 10,000 products, it connects customers with leading brands like Godrej, Springfit, and Spacewood. The company claims to have a retail presence of more than 200 studios spread across 100+ cities. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $270 million to date from investors including Norwest Venture Partners, General Electric, Broad Street Investment, Pidilite, and others. For the fiscal year ending March 2024, Pepperfry’s operating revenue declined 30% to Rs 189 crore while narrowing its losses by over 37% to Rs 117.5 crore during the same period. Pepperfry competes with other heavily funded furniture brands including Reliance-acquired Urban Ladder, which secured over $100 million in funding, and Wooden Street, which raised $77 million funding.

Exclusive: Sneaker brand Gully Labs kicks off Series A round

EntrackrEntrackr · 1m ago
Exclusive: Sneaker brand Gully Labs kicks off Series A round
Medial

Sneaker brand Gully Labs has raised Rs 26.5 crore ($3 million) in its Series A round, led by Saama Capital, with participation from seed round investor Zeropearl and other individual investors. The board at Gully Labs has passed a resolution to issue 10 equity shares and 31,925 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 8,301 per share, aiming to raise Rs 26.50 crore, as per its regulatory filing with the Registrar of Companies (RoC). Saama Capital led the round with an investment of Rs 22.6 crore, while seed-stage backer Zeropearl followed with Rs 3.5 crore. The round also saw participation from Teppan (Rs 20 lakh), Unacademy co-founder Roman Saini (Rs 10 lakh), Edelweiss Mutual Fund MD and CEO Radhika Gupta (Rs 10 lakh), and angel investor Aditya Bhalla (Rs 4 lakh). According to the filings, the fresh funds will be utilised for business expansion and other corporate purposes. As per Entrackr’s estimates, Gully Labs is valued at around Rs 147 crore ($16.25 million) on a post-money basis. Following the fresh allotment, Saama Capital VI LP has emerged as the largest shareholder with a 15.40% stake, while Zeropearl Fund holds 10.21%. Before this round, the company had secured around $1 million in seed capital in June last year. Co-founded in 2023 by Arjun Singh and Animesh Mishra, Gully Labs operates a direct-to-consumer footwear brand focused on sneakers inspired by Indian street culture. The company designs and manufactures its products in-house and primarily sells through its own website. Gully Labs is yet to file its FY25 financial results. The company competes with players such as Comet, which raised $5 million in 2024, Neemans, which has recently kicked off fresh fundraising, as well as Solethreads, Zeesh, and others.

Former Skechers executive Sumit Maloo joins Neeman's as CFO

EntrackrEntrackr · 1y ago
Former Skechers executive Sumit Maloo joins Neeman's as CFO
Medial

Sustainable footwear startup Neeman's has announced the appointment of Sumit Maloo as its Chief Financial Officer. Sumit will lead Neeman’s ambitious plan to establish 100 stores across India over the next two years. In his previous role at Skechers South Asia, Sumit led financial strategy, operations, controls, planning & analysis, reporting, and treasury. Beyond Skechers, Sumit has held key positions in Finance at renowned organizations like Staples, ICICI Bank, and Reliance Brands. On the lines of the US-famed All Birds, Neeman’s manufactures comfortable shoes with merino wool, organic cotton, recycled PET bottles and tyres, tree wood, fruit pulp and bamboo. Apart from its own website, the company leverages marketplaces like Amazon and Flipkart for distribution. It also began offline focus with a presence in Shoppers Stop and Lifestyle. Neeman’s has been growing gradually as its scale jumped nearly 50% in FY23. At the same time, the company’s losses crosses Rs 100 crore mark. The Hyderabad-based company is now focused on expanding its reach through a retail network. Currently operating 14 offline exclusive stores, Neeman's plans to expand its retail footprint, aiming to open 100 stores across major cities in India over the next two years.

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