Sustainable Footwear Brand Neeman’s FY23 Financial Highlights

Neeman’s, a sustainable footwear startup, reported a 47% increase in revenue from Rs 47 crore in FY22 to Rs 69 crore in FY23.

Sustainability Practices:

• Neeman’s crafts footwear from eco-friendly materials such as merino wool, organic cotton, recycled PET bottles, and recycled tires.
• The brand has recycled over one million plastic bottles and sells around 80,000 pairs of sustainable shoes monthly.

Sales Channels:

• Neeman’s primarily sells its products through its website and various e-commerce platforms, including Flipkart and Amazon.

Cost Analysis:

• The high cost of raw material procurement accounted for 39% of Neeman’s total expenditure, reaching Rs 40 crore in FY23.
• Employee benefits increased 2.25 times during the same period.

Ownership and Funding:

• Neeman’s has raised Rs 94 crore in funding, with Sixth Sense Ventures holding the largest external stake at 42.94%, followed by Anicut Capital.
• Co-founders Taranjeet Singh Chhabra and Amar Preet Singh hold a combined 29.68% of the company.

Challenges:

• Despite sustainability efforts, Neeman’s faces the challenge of attracting profitable buyers in a competitive market.