SNAM Group of Companies, through its investment arm SNAM Solutions, has led the Series B2 funding round in sustainable footwear brand Neeman’s. The company, founded in 2017 by Taranjeet Singh Chhabra and Amar Preet Singh, raised $4 million (approx. ₹35.5 crore) in the latest round, with SNAM Solutions contributing ₹16 crore. Existing investors like Anicut Capital, Enam Investments, and Harsh Mariwala’s Sharrp Ventures also participated in the round. Adhvith Dhuddu, Managing Partner at SNAM Solutions, highlighted the strong consumer growth in India and Neeman’s promising momentum.
“The Indian consumer journey is alive and kicking. Our analysis showed that Neeman’s is at an inflexion point in its growth journey. We are thrilled to back their shift toward profitable scaling over the next few years,” he said, adding that the founders’ values resonated strongly with SNAM’s investment philosophy.
Expansion Goals and Market Strategy
With the new capital, Neeman’s aims to accelerate its offline retail expansion by adding more physical stores while strengthening its digital presence. The founders, Amar and Taran, expressed enthusiasm for the next phase of growth:
“This round is a strong validation of the brand we’ve built — rooted in comfort, sustainability, and solving real problems for everyday consumers. The funds will meaningfully expand our retail footprint, strengthen supply capabilities, and help us scale profitably.”
Neeman’s is projected to reach ₹180 crore in revenue in FY 25–26 and is targeting a ₹500 crore top line within the next two years.
Industry Perspectives and Market Opportunity
SNAM Group Director Srikanth Sivaraman stated that the company is proud to back a homegrown Indian footwear brand with strong growth potential. Muralidhar Dhuddu added that Neeman’s sits in a “sweet spot” catering to India’s rising middle class seeking premium yet affordable footwear, supported by a robust omnichannel strategy.
India’s footwear sector is witnessing strong growth, projected to grow at a CAGR of 12–14% in the coming years. The market is expected to expand from $22–23 billion in 2025 to $38–45 billion by 2030–2032. Online footwear consumption is also on a rapid rise, with D2C brands and fashion platforms growing at a 24–27% CAGR through 2032. Despite this growth, India’s per-capita footwear consumption (1.7–1.9 pairs/year) remains below the global average of 3 pairs and significantly behind developed markets like the U.S. (7 pairs/year), presenting a wide runway for expansion.
About SNAM Group
Established in 1981, SNAM Group is an industrial conglomerate with operations in India and Vietnam, exporting metallurgical products to over 50 countries. SNAM Solutions, its investment arm with $100 million AUM, has a strong track record, including early investment in quick-service restaurant chain California Burrito, now operating over 125 outlets across India.
By: Shivani Solanki
