The Indian sandal market is worth more than $1.5 billion, and DTC brand Solethread has received Series A financing

Recently, Solethread, an Indian DTC sandal brand centered on young people, announced the completion of its Series A financing with a financing amount of 13 million rupees. Venture capital institutions DSG and Saama Capital participated in the investment.

( Solethread official website)

Solethread builds technical barriers and adopts omni-channel expansion strategy

Solethread is a DTC sandal brand founded in 2018. Its founders, Sumant Kakaria and Gaurav Chopra , have 13 years of experience in the footwear and retail industries . The company said that this round of financing will be used for Solethread's brand building and further expansion of its innovative product portfolio .

In addition to creating DTC sales channels such as brand official websites , Solethread has also adopted an omni-channel development strategy , selling products online through e-commerce platforms such as Amazon, Myntra, Flipkart and Ajio, and has reached the latest cooperation with high-end footwear retailer Metro Shoes offline.

The production process of sandals is simple and the entry threshold is low. The fact that Solethread can stand out among many SMEs that make standard sandals means that the brand's products have their own unique features. The uniqueness of Solethread lies in its selection of materials and development of technology .

It is reported that Solethread uses modern shoemaking materials to develop TruBounce, a patented lightweight and shock-absorbing footwear technology, and the SquishySoft series of sandals using its patented Synturf Grass and super foam material, providing consumers with a comfortable and soothing feeling like walking in nature.

It is worth mentioning that Solethread ’s founding goal is to become a popular brand in the casual footwear category in India. Gaurav Chopra said: “We will always ensure that we are at the forefront in delivering on our commitment to comfort.”

As sandals become a universal footwear choice for a variety of occasions, the Solethread team believes that consumers’ sandal purchasing journey is becoming increasingly complex and innovative products with a strong value proposition will stand out from the competition.

The Indian sandal market is worth over 1.5 billion, with DTC brands emerging

Ash Lilani, managing partner at Saama Capital , said: “ The sandal market in India is mature and growing at a compound annual growth rate of 15% to over $1.5 billion.”

The "Indian Footwear Market Report 2019" previously released by Research And Markets also pointed out that the Indian footwear market will have a compound annual growth rate of 4.5% between 2017 and 2023, and the market size is expected to reach US$320.4 billion by then.

India is also the world's second largest footwear producer, accounting for 9% of the world's annual footwear production . The domestic footwear industry in India is dominated by long-established local brands, including Paragon, Liberty, Relaso and Lakhani. However, the domestic footwear industry in India is still very fragmented, with nearly 75% of footwear products coming from the unorganized sector and very small SME companies.

Among Indian DTC footwear brands, in addition to Solethread, startups such as Neemans are also trying to open up the market segment by using innovative materials. In March last year, it raised $1 million in angel round financing. In March this year, Indian women’s shoe DTC brand Monrow raised $1 million from 9Unicorns.   Venture capital funds receive seed money for expansion into new markets.

Indian Market

DTC sandal brand