Casual footwear startup Solethreads has successfully raised $3.7 million in a Series A led by Fireside Ventures where angel investors Nihir Nalin Parikh and Dhaval Nalin Parikh, along with existing investors DSG Consumer Partners and Saama Capital also participated.
Solethreads’ Journey and Plans for the Investment
Founded in 2019 by Gaurav Chopra, Sumant Kakaria, Aprajit Kathuria, and Vikram Iyer, Solethreads specializes in manufacturing casual footwear products. With the newly acquired funding, the startup aims to focus on product designing and brand marketing. According to Sumant Kakaria, understanding the footwear market ecosystem is crucial, and the funds will be utilized to enhance functionality and work on innovative designs.
Solethreads Expanding Product Inventory and Capitalizing on Market Advantage
Solethreads initially began with flip-flops, which quickly became their best-selling product. Gradually, the startup diversified into manufacturing sneakers. The current funding will enable Solethreads to expand its inventory to cater to a wider audience. It also capitalize on its competitive edge.
Gaurav Chopra emphasized that many Indian brands fail to cater to the tastes of the younger generation. Also those that do often offer products at significantly higher prices compared to the platform. This competitive pricing strategy positions Solethreads advantageously in the market.
Competing in the Original Products Segment
The footwear industry, particularly the sneakers segment, faces competition from counterfeit products that are significantly cheaper than their authentic counterparts. Solethreads, however, focuses on offering original domestic products within India. This emphasis on authenticity and quality resonates with consumers who prioritize genuine products over brand names.
The platform competes with other D2C fashion startups. The recent acquisition of Flatheads by Styched showcases the evolving landscape of the footwear market. Amidst this competition, Solethreads is determined to expand its capabilities and product offerings.
As the footwear startup secures its Series A funding, it joins a growing number of companies in the sector that are actively raising capital to support their expansion and innovation efforts.
