Solethreads funding

Solethreads, an open footwear startup announced that it has secured Rs 13 crore in series A funding round from Saama Capital and DSG Consumer Partners. 

The startup is a unique brand that is famous for its stylish flip-flops and is directed at the young generation. 

The Gurugram-based startup was established in 2018 and is planning to invest the money to build a more satisfying customer experience and increasing its digital abilities.

Commenting on the investment, Ash Lilani, managing partner at Saama Capital said the open footwear segment is more than a $1.5 billion market, with an annual growth rate of 15 percent, and is ready for disruption.

Hariharan Premkumar, executive director at DSG Consumer Partners, said that with the right product positioning, the brand is well-positioned to be the revolutionary brand in the segment that has the potential of transforming the footwear landscape. 

Besides selling on its own website, Solethreads products are available at all leading e-commerce platforms, including Amazon, Myntra, and Flipkart.

The startup claims that it has crossed Rs 50 lakh GMV on Amazon in merely four months following its launch, and was identified by the e-commerce platform as an emerging brand. 

The founders are also looking to strengthen their offline presence and have recently collaborated with leading footwear retailer Metro Shoes. 

DSG Consumer Partners is an early-stage venture capital fund that invests exclusively in consumer businesses and has invested more than $ 200 million so far in Oyo, Redmart, Zipdial, and Yogurt, among others.

Saama Capital is also an early-stage sector agnostic venture capital firm, investing since 2006. It was previously backed by Paytm, Sula Wines, Chai point, Snapdeal, Lendingkart, Raw Pressery, Veeba Foods, and Fisdom, among others. 

Solethreads has manufacturing units in Delhi and Rajasthan operated by partner firms, some of whom work solely with Solethreads. This enables the company to directly hire a lean workforce of 15 people as well as help more than 200 skilled and semi-skilled workers at the partners’ factories.

Solethreads is revolutionizing the open footwear category for flip flops and bringing a fresh perspective to the table. The recent funding will accelerate its growth further.

Shishir Gupta, Founder and CEO, StartupLanes

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