Anicut Angel Fund, recently launched by debt investor Anicut Capital, has made its maiden investment in sustainable footwear startup Neeman's Pvt. Ltd.
The company said it has raised nearly $1 million (Rs 7.23 crore at current exchange rate) in this funding round led by Anicut Angel Fund. AngelList and a clutch of serial entrepreneurs also participated in the current round.
Tushar Singh was one of the angel investors to lead the round on behalf of Anicut and also joined the company's board as part of the transaction.
The capital will be used primarily to expand business operations, introduce new designs and segments, and for product development.
The company, which says it offers shoes made up of natural fibre called merino wool, was launched in 2017 by Taran Chhabra and Amar Preet Singh.
Chennai-based Anicut Capital set up this angel fund in November last year to back startups in a way that allows greater investment flexibility and tax efficiency.
The fund allows angel investors to contribute capital or opt out of investments on a deal-by-deal basis. The platform typically backs companies in the early stage of their growth and invest Rs 3-5 crore in each firm. The fund will back companies in sectors such as consumer and healthcare, besides new economy and technology.
Anicut Capital has so far operated in the private-debt segment and manages two credit funds.
Deals in the segment
In the broader footwear segment, several Indian firms have attracted large cheques from institutional investors in the past, and some of them have even listed themselves on the bourses.
In December 2018, mid-market private equity firm Lighthouse Advisors Pvt. Ltd invested Rs 250 crore ($35 million) in Delhi-based footwear manufacturer Aqualite Industries Pvt. Ltd.
In November 2018, Info Edge (India) Ltd, the parent of job portal Naukri.com and real estate website 99acres.com, hiked its holding in online business-to-business footwear marketplace ShoeKonnect to 27.27% from 20%. It invested Rs 3 crore ($422,000) in the transaction.
In September 2018, multi-brand footwear chain Metro Shoes Ltd, which counts ace stock-market investor Rakesh Jhunjhunwala among its backers, hired merchant bankers for its stock market listing.
In November 2017, Khadim India Ltd, the country’s second-largest branded footwear retailer by exclusive stores, listed on the stock market.
In August 2017, budget sports shoe brand Campus raised its first institutional round of funding led by TPG Growth, the growth equity and mid-market buyout fund of private equity firm TPG Capital Inc.Tags: