Footwear start-up Solethreads raises Rs 13 crore
Footwear start-up Solethreads has raised Rs 13 crore ($1.8 million) in series A round funding from DSG Consumer Partners and Saama Capital.
The Gurugram-based company plans to utilise the funds to strengthen its digital capabilities and improve customer experience.
The brand also plans to expand its offline and online presence by partnering with e-commerce firms and retailers across the country. Solethreads had recently partnered with premium footwear retailer Metro Shoes.
Commenting on the investment, Ash Lilani, managing partner at Saama Capital, in a statement said: “The open footwear category is over USD 1.5 billion market, growing annually at 15 percent and it is ripe for disruption.”
Hariharan Premkumar, executive director at DSG Consumer Partners, added: “With good product positioning, Solethreads is well-positioned to be the insurgent brand within the category that has the potential of changing the footwear landscape.”
Solethreads started operations in 2018 and sells flip-flops with a focus on youth. Apart from selling on its website, Solethreads products are available at all leading e-commerce platforms, including Amazon, Myntra, and Flipkart.
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