Solethreads raises $3.7 million in series A funding round

Direct-to-consumer (D2C) footwear brand Solethreads has raised $3.7 million (Rs 31 crore) from Fireside Ventures and existing investors DSG Consumer Partners and Saama Capital.

Angel investors Nihir Nalin Parikh and Dhaval Nalin Parikh also participated in the round.

The brand plans to use these funds for research & development, expansion of product portfolio, and retail expansion.

It currently has one company-owned store in Mumbai and plans to have 10 across the country by the end of the ongoing fiscal.

Commenting on the investment, Vinay Singh, co-founder of Fireside Ventures in a statement said, “We look for brands that understand the consumers they are serving and create products that solve their unmet needs. Footwear is an enormous, albeit highly competitive category, and we believe the company is positioned to capture the untapped opportunity in the casual footwear segment.”

Sumant Kakaria, co-founder CEO of Solethreads added, “The footwear industry has been dominated by global brands, and we aim to be the brand built in India for the world. Our first outlet in Mumbai is using technology to make it India’s first Phygital Casual footwear store, thereby disrupting the industry.”

Founded in 2020, the Gurgaon-based Solethreads sells flip-flops, slides, and sneakers for both men and women via both online and offline channels. It has an omnichannel presence in about 600 multi-brand outlets and large retail formats such as Shoppers Stop, Reliance Retail, and Metro Shoes.