Stride Ventures leads Rs 7 cr debt funding round in Sustainable footwear brand Neeman's

Stride Ventures, a leading venture debt firm in India, on Thursday, announced debt funding of Rs 7 crore in sustainable footwear brand Neeman's.  

With the said investment, the venture lending fund "with deep relationships across banks and corporates is committed to being a strategic partner in the brand's journey of disrupting the Indian footwear segment that primarily consists of leather shoes," the company said in a statement. 

This is the 40th investment in Stride's portfolio across both funds. The amount will be deployed from Stride Ventures India Fund - II and will be utilised by the shoe brand for expanding its portfolio, intensive product development and commitment to the planet. It will also enable them into at entering newer markets and segments.

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Commenting on the development, Ishpreet Singh, Founder and Managing Partner, Stride Ventures, said, "Customers are increasingly gravitating towards environment-friendly businesses, as the world moves towards a sustainable way of living. While the Indian footwear industry is poised to grow at a steady pace, the D2C segment for the footwear industry has become the fastest-growing channel." 

"With its strong marketing strategy and large social media presence, the brand has expanded across PR, marketing, brand strategy, influencer partnerships and other allied functions," he added. 

As a sustainable brand that uses completely natural, renewable, recyclable and chemical-free materials, Neeman's has maintained a strong focus on product development and intensive R&D.  

Commenting on the funding, Amar Preet Singh, Founder & COO Neeman's, said, "We are excited to have Stride Ventures as our partners in the journey of changing how India wears shoes. Since our inception, our motto has been to craft sustainable and comfortable shoes." 

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"This investment will enable us to strengthen our journey towards reducing carbon footprint and stay committed to producing well-crafted comfortable shoes. It will also facilitate us in extending into other categories such as fashion and apparel," he stated. 

Taran Chhabra Founder and CEO Neeman's said that "partnering with a fund which aligns with our founder driven mindset is just the right step for us." 

Since its commencement, Stride Ventures has focused on investing in market leaders across sectors. Having been one of the most active venture debt companies this year, the total commitments have crossed Rs 1000 crore in portfolio companies across both its debt funds, the statement added.