Hyderabad-based Neeman’s, an eco-conscious footwear brand making comfortable shoes using Merino Wool has raised around 1 million USD in an early stage round led by Anicut Angel Fund which made its maiden investment, Tushar Singh and Rohit Anand were the leads of this round of investment on behalf of Anicut, with Tushar joining the company board.
Through Anicut, Ashvin Chadha, Arjun Seth, Abhishek Goyal, Ambarish Raghuvanshi, and Sanjay Kapoor are among the investors who participated in this round.
Founded in 2017 by Taran Chhabra and Amar Preet Singh, Neemans claims that its shoes are natural, lightweight, flexible, breathable, moisture-wicking, odour-resistant, cool in summer and warm in winter, and machine-washable. The funding will be used by the start-up for the expansion of the product portfolio and help the company scale up.
Started in late 2019, Anicut Angel Fund provides early stage capital to start-ups. The investment in Neemans marks the first investment made by Anicut Angel Fund.
AAS Regina Legal, led by Founding Partner Ankita Singh and Associates Shubham Patel, Yash Vardhan Singh and Kapil Dayya advised Anicut Angel Fund. AAS Regina Legal was founded in January 2019 and comprises of a team, with core expertise on advising investors and start-ups, assisted the Investors through the entire lifecycle of deal commencing from structuring the transaction, drafting and negotiating the transaction documents and eventually closing. The Company was represented by Lex Start Partners.
The deal was announced on March 2, 2019.