Indian flip-flop brand Solethreads has raised Rs2.5 crore in venture debt funding from Alteria Capital to broaden its research and development, product portfolio and to meet the growing demand for flip flops in the country. Early this year, Solethreads raised Rs13 crore in Series-A round funding from DSG Consumer Partners and Saama Capital.
Sumant Kakaria, CEO & Co-founder, Solethreads, says that the partnership with Alteria Capital will support the brand in widening its pipeline of sustainable innovation to reach out to a broader base of customers.
In keeping with its ethos of sustainable fashion, Solethreads has also launched its product recycling and reuse initiative – The Solester REUSE Programme – that aims at sourcing sustainable materials and encouraging the upcycling process. The brand will promote circular fashion through ‘The Solester REUSE Programme’ by allowing anyone to exchange their flip flops and slippers for reward points, which can be used to purchase the brand’s products. The footwear that the company receives through this initiative will in turn be recycled and used to create new Solethreads eco-friendly flip flops.
“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, today. As part of this programme, we also ensure to donate some items to relevant institutions and foundations, so that they can reuse them,” says Gaurav Chopra, Co-founder, Solethreads.