SNAM Group, others invests $4 million in footwear brand Neeman's

SNAM Group of Companies, through its investment arm SNAM Solutions, has led the Series B2 fund raise in footwear brand, Neeman's.

Founded by Taranjeet Singh Chhabra and Amar Preet Singh in 2017, Neeman's has raised $4 million (approx Rs 35.5 crore) in its latest round, with SNAM Group leading the fundraise by investing Rs 16 crore and participation from existing investors, Anicut Capital, Enam Investments and Harsh Mariwala's Sharrp Ventures.

Managing Partner at SNAM Solutions, Adhvith Dhuddu, who oversees venture investments at SNAM Group shared, "The India consumer journey is alive and kicking, and we're always looking for new age, scalable businesses to partner with. Our analysis showed that Neeman's is at an inflection point in its growth journey and we are thrilled to be joining them as they shift gears to scale profitably over the next few years. The values shared by Neeman's founders also resonated with us and we felt this is a great time to back their journey and are excited to be leading this round."

Neeman's plan to use these funding to increase its offline presence by adding new stores and strengthening online reach as well.

Commenting on this fund raise, Neeman's founders, Amar and Taran shared, “We’re excited to welcome SNAM Solutions and appreciate our current investors as Neeman’s enters its next phase of growth. This round is a strong validation of the brand we’ve built over the years — one that is rooted in comfort, sustainability, and solving real problems for everyday consumers. The capital will help us meaningfully expand our retail footprint, strengthen our product and supply capabilities, and scale the business in a disciplined and profitable manner.”

Neeman's is expected to achieve a revenue of approximately Rs 180 crore this financial year (FY 25-26) and aims to touch a top line of Rs 500 crore in 2 years.

SNAM Group Director, Srikanth Sivaraman, added, "SNAM is proud to be associated as an investor with an Indian homegrown footwear brand, Neeman’s, in their pursuit of being a leader in the market of footwear."

Muralidhar Dhuddu of SNAM Group also added, "Neeman’s is in a sweet spot catering to the rising middle class in India looking for premium footwear at affordable prices. What also impressed us is the balance being struck with an omni- channel approach and pushing for profitability in both their online and offline businesses."

India is a large consumer and producer of footwear globally seeing a CAGR of 12-14% over the next few years in this sector. The Indian footwear market overall is poised to rise from approximately $22-23 billion in 2025 to anywhere between $38-45 billion in 2030-2032. Online footwear is also seeing healthy growth with D2C footwear brands and fashion e-commerce platforms growing at a CAGR of 24-27% per annum up to 2032. India's average per-capita footwear consumption is currently 1.7 to 1.9 pairs per year, significantly lower than the global average of 3 pairs and developed markets like the US (7 pairs).