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Flip-flops brand Solethreads has raised ₹2.5 crore in venture debt funding from Alteria Capital. The start-up said it will use the funds to strengthen research and development and expand its product portfolio.
It has also started the “Solester Reuse” programme that will focus on product recycling, in a bid to source sustainable materials and encourage the “upcyling” process.
“With over 5,00,000 customers that are celebrating the joy of walking with Solethreads, we’ve grown into a much-loved flip flops brand. This exciting partnership with Alteria Capital will support us in widening our pipeline of sustainable innovation to reach out to a broader base of customers,” said Sumant Kakaria, the CEO and co-founder, Solethreads.
Earlier this year, the start-up raised ₹13 crore in Series-A round funding from DSG Consumer Partners and Saama Capital. The digital-first brand is available through its D2C website and on leading e-commerce platforms besides in offline retail stores.
The company said its reuse initiative will allow anyone to exchange their flip flops and slippers, for reward points, which can then be used to purchase the brand’s products. The footwear that the company receives through this initiative will be recycled and used to create new Solethreads eco-friendly flip flops.
Gaurav Chopra, Co-founder said, “With over 30 patents and counting, we lead innovation in the open footwear segment and take active steps in ensuring that all our products are either recycled, reclaimed or vegan; so that we can reduce our carbon footprint and work towards a sustainable tomorrow. As a part of this program, we also ensure to donate some items to relevant institutions and foundations, so that they can reuse them.”
Vivek Pillai, Principal, Alteria Capital added , “ Solethreads’ focus on comfort led by innovation and sustainability has struck a chord with the modern Indian consumer. We have closely watched them scale in a short span of time, and are excited to now partner with the team in building the next big challenger brand in the category.”
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