Solethreads, an enterprise in direct-to-consumer footwear, secured $3.7 million from Fireside Ventures as well as its current funders, DSG Consumer Partners and Saama Capital, in its Series A round.
The company intends to increase its physical presence by building its own stores. By the conclusion of the current fiscal year, it hopes to establish 10 locations nationwide. Currently, it only has a single shop in Mumbai, as reported by The Economic Times.com
“It is very important for us to lead the curve when it comes to designs and innovations, and for us to be able to do that, the entire back-end needs to sit in-house, especially the design team. We are building that, and that’s where a large part of the funds will be deployed,” Sumant Kakaria, cofounder and chief executive of Solethreads, told ET in an interaction.
“Footwear is a fairly large unorganised market, and as GDP per capita goes up footwear is one the categories that will get quickly organised. The framework in which a new footwear company needs to be created is new product development, design and innovation along with good market and distribution, with which one can create a good brand that appeals to GenZ and early millennials,” said Vinay Singh, cofounder and partner of Fireside Ventures.
With an emphasis on comfort, innovation, and top-notch designs, Solethreads was co-founded in 2019 by Gaurav Chopra, Sumant Kakaria, Aprajit Kathuria, and Vikram Iyer. Their goal was to disrupt the open footwear sector. They change the path that you walk using creativity and technology.