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Former Skechers executive Sumit Maloo joins Neeman's as CFO

EntrackrEntrackr · 8m 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.

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%

EntrackrEntrackr · 5m ago
Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%
Medial

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32% Following over twofold growth in FY23, MakeO, the parent company of Toothsi and skincare brand Skinnsi, reported stable revenue for the fiscal year ending March 2024, but succeeded in reducing its losses by 32%. MakeO’s revenue from operations saw a modest increase of 6.5% to Rs 179 crore in FY24 from Rs 168 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi and later consolidated its flagship brands, including Skinnsi, to offer dental, skin, and hair treatment solutions. The sale of tooth aligners accounted for 69.2% of the operating revenue, increasing by 7% to Rs 124 crore in FY24. The rest of the revenue came from Skinnsi services, including laser hair reduction, facials, anti-aging treatments, and skincare products. Employee benefits remained the largest cost center at 36% of overall expenditure, amounting to Rs 119 crore in FY24. Consultant fees and marketing costs were reduced by 57% and 24%, respectively, to Rs 26 crore and Rs 69 crore in FY24. Other expenses totaled Rs 332 crore in FY24, down from Rs 395 crore in FY23. The cutback in costs helped MakeO reduce its losses by 31.8% to Rs 150 crore in FY24 from Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -77.3% and -66.12% with an expense-to-earnings ratio of Rs 1.85. At the end of FY24, MakeO’s current assets were Rs 153 crore with cash and bank balances of Rs 93 crore. MakeO has raised over $90 million to date, including $16 million led by 360 One Asset and the investment office of Ashish Kacholia. Eight Roads Ventures is the largest external stakeholder, followed by Think Investment.

Exclusive: A91 Partners backs Rare Rabbit in new round

EntrackrEntrackr · 5m ago
Exclusive: A91 Partners backs Rare Rabbit in new round
Medial

New-age fashion brand House of Rare (Rare Rabbit) has secured Rs 50 crore (approximately $6 million) from its existing investor, A91 Partners. This fresh funding comes just seven months after its $18 million round. The board at House of Rare has passed a special resolution to allot 23,073 preference shares at an issue price of Rs 21,670 each to raise Rs 50 crore (approximately $6 million), its regulatory filing sourced from the Registrar of Companies shows. In January, the company raised its authorized share capital, citing the need for funds to support expansion and working capital requirements, according to a separate resolution. Following the fresh process, A91 Partners' stake in the company has been increased to 14.17% compared to 9.65% in its previous round. According to Entrackr's estimates, the funding came at a flat valuation of $279 million for the Bengaluru-based company. Rare Rabbit is a premium fashion brand known for its designer clothing for men and women. With a presence in over 100 stores across India, the brand also offers its collections through its online store. Rare Rabbit showcased a 69% revenue growth from Rs 376 crore in FY23 to Rs 636 crore in FY24. Moreover, the company's profits surged over 2X to Rs 74.6 crore in FY24, compared to Rs 32.2 crore in FY23. Rare Rabbit competes with brands like Souled Store, which raised around $30 million and achieved a revenue of Rs 355 crore in FY24. Its other competitors Snitch and WROGN also raised $13 million and $15 million in December 2023 and June respectively.

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