Solethreads, a Gurugram-based casual footwear startup has raised $3.7 million in its Series A round. The round was led by Fireside Ventures, with participation from angel investors Nihir Nalin Parikh and Dhaval Nalin Parikh, along with existing investors DSG Consumer Partners and Saama Capital.
The company was founded in 2019 by Gaurav Chopra, Sumant Kakaria, Aprajit Kathuria and Vikram Iyer. It offers a range of casual footwear for men and women including sneakers, sandals and boots. Solethreads' products are designed in India and manufactured in China.
"We're thrilled to partner with Fireside Ventures and other investors in this round," said Gaurav Chopra, co founder of Solethreads. "This funding will help us accelerate our growth and expand our reach to more consumers."
"We're impressed by the team's deep understanding of the casual footwear market and their capabilities to deliver high grade products at an affordable price," said Nikhil Vora, managing director at Fireside Ventures. "We believe that Solethreads has the potential to become a leading champion in the Indian footwear market."
Solethreads will use the funds to expand its product range, strengthen its marketing and sales team and build up its inventory. It also plans to move to sneaker manufacturing gradually. The company is expected to generate $10 million in revenue in FY23.
"We're excited to see what Solethreads can accomplish with this funding," said Nihir Nalin Parikh, angel investor. "We believe that the company has the potential to become a major champ in the Indian footwear market."
"We're bullish on the future of Solethreads," said Dhaval Nalin Parikh, angel investor. "We believe that our company has the team, products and vision to succeed."
With this funding, Solethreads is well positioned to capitalize on the growing demand for casual footwear in India. The company is poised to become a major player in the market in the years to come.