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

EntrackrEntrackr · 16d 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.

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.

MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24

EntrackrEntrackr · 1y ago
MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24
Medial

Honasa Consumer Ltd, the parent firm of the D2C brand MamaEarth, showcased a 28.7% year-on-year growth to near Rs 2,000 crore revenue threshold in FY24. The Gurugram-based firm also posted Rs 110 crore PAT in the same period marking a big turnaround as compared to over Rs 100 crore loss in FY23. Honasa’s revenue from operations grew to Rs 1,920 crore in FY24 from Rs 1,492 crore in FY23, its consolidated financial statements sourced from Bombay Stock Exchange (BSE) show. On a sequential basis, the firm saw a modest 3.7% decrease in revenue to Rs 471 crore in Q4 FY24 from Rs 488 crore in Q3 FY24. The sale of beauty, personal care, and related products across skin, hair, and baby care was the sole source of revenue for Honasa. It also made Rs 48 crore from the interest and gain of financial assets, tallying the total revenue to Rs 1,970 crore in FY24. For the D2C brand, its marketing cum advertisement cost is likely to be the largest cost center but the company didn’t disclose the complete expense breakdown while the cost of procurement of materials formed 31.8% of the overall expenditure. Its employee benefits, finance, depreciation, legal, conveyance, and other overheads took the overall expenditure to Rs 1,822 crore in FY24 from Rs 1,501 crore in FY23. The decent scale and controlled costs helped Honasa post a Rs 110 crore profit in FY24 from a loss of Rs 151 crore in FY23. Its ROCE and EBITDA margins improved to 13% and 9.5%, respectively. On a unit level, it spent Rs 0.95 to earn a rupee in FY24. Note 1: The significant loss of Rs 151 crore in FY23 was attributed to the write-off of its Rs 154 crore investment in Just4kids (Momspresso) which was acquired to expand content and influencer management capabilities. Note 2: Honasa has also encountered a legal suit in the UAE in relation to some distribution agreements with RSM General Trading LLC. The company claimed Rs 100 crore of damages from Honasa Ltd. Further, the court in the UAE also ordered Honsa to pay Rs 57.6 crore plus interest. The company, however, is in the process of making an appeal.

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