Mumbai, Apr 13 (PTI) Open footwear startup Solethreads has raised Rs 13 crore in series A round funding from DSG Consumer Partners and Saama Capital.

The Gurugram based company, focused on youth, is an innovative brand known for its stylish flip-flops.

The company started in 2018 plans to invest the money to create a better customer experience and strengthening its digital capabilities.

The open footwear category is over USD 1.5 billion market, growing annually at 15 per cent and it is ripe for disruption, said Ash Lilani, managing partner at Saama Capital.

Hariharan Premkumar, executive director at DSG Consumer Partners, said with good product positioning, the brand is well-positioned to be the insurgent brand within the category that has the potential of changing the footwear landscape.

Apart from selling on its own website, Solethreads products are available at all leading e-commerce platforms, including Amazon, Myntra, and Flipkart.

The founders are also in the process of bolstering their offline presence and recently partnered with premium footwear retailer Metro Shoes.

DSG Consumer Partners is an early-stage venture capital fund that invests only in consumer businesses and has invested over USD 200 million so far in Oyo (sold the stake to Softbank), Redmart, Zipdial, Yogurt, among others.

Saama Capital is also an early-stage sector agnostic venture capital firm, investing since 2006. It was earlier backed by Paytm, Snapdeal, Sula Wines, Veeba Foods, Lendingkart, Chai point, Raw Pressery, and Fisdom, among others.

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