Since the beginning of 2024, the company has been experiencing a steady month-over-month growth rate of 15-20%
New Delhi: Hyderabad-based footwear brand Neeman’s eyes double revenue at Rs 200 crore this fiscal year, a company top executive told IndiaRetailing.
“In FY 2023-2024, we achieved revenue exceeding Rs100 crore. For FY 2024-2025, we project revenue to surpass Rs200 crore,” said Taran Chhabra, founder, Neeman’s.
Since the beginning of 2024, the company has been experiencing a steady month-over-month growth rate of 15-20%. This growth is driven by strategic internal restructuring and comprehensive growth plans, said its representatives.
Currently, the brand has over 11 stores in cities like Hyderabad, Mumbai and Bengaluru. And it plans to open over 20 new stores across all major metro cities eyeing a significant omnichannel presence, Chhabra said.
“Our omnichannel approach involves a strategic expansion to enhance Neeman’s presence across multiple platforms,” added Chhabra.
The company also has an international presence with products available on Amazon UAE and 6th Street UAE, an omnichannel e-commerce fashion destination from Apparel Group.
“Our current focus is on footwear, and we’re determined to expand our market share in this sector,” said Chhabra adding that in 2023, the company’s best-performing products were Sneakers, Slip Ons and Loafers.
Neeman’s through its D2C website, offline stores sell products like sneakers, slip-ons, loafers, athleisure products, flip flops, sandals, flats and slides ranging between Rs 300 to Rs 2,500.
According to the company’s LinkedIn profile, it has raised a Series B funding of $ 5.2 million and also uses technology in the areas of customer experience, post-purchase and returns and works with New Delhi-based e-commerce enabler GoKwik for the same.
“GoKwik’s tech-driven solutions have been valuable in our growth journey. GoKwik helped reduce the return to origin (RTO) rates and enhance the overall conversion rate of our checkout funnel, contributing to a smoother and more efficient customer experience,” added Chhabra.
