Neeman’s revenue grew 48% in FY23, losses spike 35% Hyderabad's sustainable footwear startup Neeman’s grew its revenue by 48% to Rs 69.5 crore in FY23, driven largely by fabric sales (55%) and open/close footwear (44%). Founded by Taran Chhabra, the D2C brand utilizes materials like Merino wool and recycled PET. Expenses rose 43% to Rs 103.45 crore, with materials (40%), ads (30%), and transportation (9%) as major costs. Despite revenue growth, losses widened 35% to Rs 34 crore, with EBITDA margin and ROCE at -46.07% and -113.15% respectively. #thekredible #Startup #News #Insights #Neemans #SustainableFootwear #OrganicCotton #RecycledMaterials #FootwearIndustry #EcommerceBusiness #StartupFinance #HyderabadStartups https://thekredible.com/blogs/neemans-revenue-grew-48-in-fy23-losses-spike-35
Neeman’s revenue grew 48% in FY23, losses spike 35% Hyderabad's sustainable footwear startup Neeman’s grew its revenue by 48% to Rs 69.5 crore in FY23, driven largely by fabric sales (55%) and open/close footwear (44%). Founded by Taran Chhabra, the D2C brand utilizes materials like Merino wool and recycled PET. Expenses rose 43% to Rs 103.45 crore, with materials (40%), ads (30%), and transportation (9%) as major costs. Despite revenue growth, losses widened 35% to Rs 34 crore, with EBITDA margin and ROCE at -46.07% and -113.15% respectively. #thekredible #Startup #News #Insights #Neemans #SustainableFootwear #OrganicCotton #RecycledMaterials #FootwearIndustry #EcommerceBusiness #StartupFinance #HyderabadStartups https://thekredible.com/blogs/neemans-revenue-grew-48-in-fy23-losses-spike-35
THEKREDIBLE.COM
Neeman’s revenue grew 48% in FY23, losses spike 35%
Sustainable footwear startup Neeman’s saw its top line scaling over 48% to Rs 69.5 crore in the fiscal year ending March 2023.
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