Organic food and clothing are becoming more popular as a means of reducing carbon footprints and healing Mother Earth. Neeman’s, a footwear business located in Hyderabad, has taken it a step further with their eco-friendly shoes.
Neeman’s was the first Indian firm to create eco-friendly shoes made of natural, biodegradable, and renewable fiber in 2018. To date, the company has recycled one million plastic bottles and turned them into footwear.
The Indian footwear industry’s sales growth is predicted to be between 8% and 10% year on year in FY23. The global use of non-leather footwear is 86%, and India is the second-largest buyer and manufacturer, with an 8-fold increase expected by 2030.
Neeman’s, as an eco-conscious footwear company, tops the market in terms of comfort and sustainability. Its appealing items are composed of Merino wool, recycled PET bottles, tyres, and organic cotton. It now anticipates unboxing its next collection made from fruit pulp, tree wood, and bamboo in a few months.
What distinguished Neeman’s class?
The utilization of biodegradable, natural, renewable, and recycled items is the brand’s main selling feature. The first Indian footwear firm to promote for energy reduction and environmental preservation was Neeman’s.
Footwear manufactured from all-natural fibers, castor bean oil, natural fabric, and natural rubber is not only environmentally friendly, but also fashionable and stylish. It’s light on the feet, breathable, odor-resistant, and sock-free, keeping the skin dry and cool in hot weather.
After conducting thorough market research, he discovered that comfort was the most important factor and the reason why individuals carried many pairs.
Taran Chhabra and Amar Preet Singh beta launched Neeman’s in October 2018.
Taran Chhabra, Neeman’s CEO and co-founder, is a Business Analytics Leader from New Jersey, USA. Prior to establishing Neeman’s, he worked with various pharmaceutical and health care firms in the United States to help them pivot their growth with the correct tactics.
His interest in comfort and the materials that may be used inspired the creation of the eco-friendly footwear company. He is now in charge of R&D at Neeman’s in order to launch some previously untapped unique materials that will be the style statement. Amar Preet Singh, Neeman’s COO and co-founder, has 15 years of experience operating start-ups and working in operations with prominent corporations before to Neeman’s.
As a result of the epidemic, many businesses have switched to e-commerce. Neeman’s generates money from online sales via their website as well as other e-commerce platforms such as Amazon, Flipkart, and Myntra.
The company has already planned its omnichannel presence and is in negotiations with numerous retailers about opening physical outlets in major cities. In Hyderabad, the brand has launched shop-in-shop locations at Lifestyle and Shopper’s Stop.
It also offers a “return with no questions asked” policy, which helps to establish the brand’s confidence and reputation among its consumers, and they may buy it without concern due to the simple return and refund policy.
Finding a niche in an already saturated market was difficult. The Indian footwear industry is expected to develop at an 8.28 percent CAGR between 2020 and 2025, allowing new competitors to enter the market. This helped the eco-friendly footwear firm receive $1 million in a seed round from Anicut Capital. In 2021, the brand’s income and consumer base had increased 15 times.
Neeman’s secured $2.7 million in Series A fundraising in August 2021, headed by Sixth Sense Ventures, since it aligned with the investor’s concept of investing in first-generation investors and causing industry disruption. Neeman’s had a 100-crore value at the end of the event.
In November 2021, there will be a cash inflow of Rs. 7 crores. The eco-friendly shoe company is projected to collect Rs 100-120 crore in Series B investment, reflecting a valuation rise of five to six times, or roughly 600 percent.
The Startup will use the funds to do product research and development, introduce new technologies, expand categories, and enter the worldwide market via an online D2C channel. It has moved its assembly plant from China to Telegana and is now a 100% Made in India brand. Depending on the extent of demand, it intends to build a production facility for its products in the future.
