Solethreads, a Gurugram-based direct-to-consumer (D2C) footwear brand, has raised $3.7 million (Rs 30.3 crore) in a Series A funding round led by Fireside Ventures.
The funding round also saw participation from existing investors such as DSG Consumer Partners and Saama Capital, along with angel investors Nihir Nalin Parikh and Dhaval Nalin Parikh.
As per the startup, the freshly raised funds will be used for research and development and to grow its product portfolio, which currently has 1,200 stock-keeping units (SKUs).
Solethreads | Casual Footwear Brand
Founded by Gaurav Chopra, Sumant Kakaria, Aprajit Kathuria, and Vikram Iyer in 2020, Solethreads is a casual footwear maker.
Following an omnichannel approach, the footwear maker has an offline presence in 600 stores across 30 cities in India. It also sells its products through its site, apart from marketplaces such as Myntra, Amazon, Flipkart and Ajio.
Speaking about the development, Sumant Kakaria, Co-founder and CEO of Solethreads, said,
“Our first brand outlet in Mumbai is using technology to make it India’s first phygital casual footwear store. The funding will facilitate our expansion into new categories, improve innovation capabilities, and expand our geographical footprint.”
As per Sumant, the startup also plans to expand its offline presence by opening its own stores. The Gurugram-based D2C footwear brand currently has one store in Mumbai and plans to have 10 across the country by the end of the ongoing fiscal year.
Kakaria added that Solethreads recorded a revenue of Rs 25 crore in the year ended March 31, 2023. It aims to close at Rs 50-60 crore in FY24 and targets an annual run rate of Rs 100 crore within the next year.
Commenting on the development, Vinay Singh, Co-founder and Partner of Fireside Ventures, said,
“Footwear is a fairly large unorganised market, and as GDP per capita goes up, footwear is one the categories that will get quickly organised. The framework in which a new footwear company needs to be created is new product development, design, and innovation, along with good market and distribution, with which one can create a good brand that appeals to GenZ and early millennials.”
As per reports, the non-leather footwear industry in India is projected to grow eight-fold by 2030. It is expected to cross the $6 billion mark by 2024.
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