Tuesday, January 25, 2022

Social Alpha, CIIE.co, Be An Angel Network Announce Seed Investment Of USD 180K In Desi Hangover, A Sustainable D2C Footwear Brand

* The seed investment will enable the footwear brand to hire, grow their B2C clientele, strengthen their B2B network and expand across product categories and conduct R&D

* Desi Hangover creates sustainable footwear using an age-old vegetable tanning process

* The Mumbai-based start-up leverages traditional craftsmanship and technology to drive innovation to co-create products that have helped artisans achieve economies of scale

* Founded by Hitesh Kenjale, Lakshya Arora, and Abha Agrawal, Desi Hangover, catering to a global customer base, promotes conscious fashion

Social Alpha, CIIE.co, Be An Angel Network announce seed investment of USD 180K in Desi Hangover, a sustainable D2C footwear brand that has brought about prosperity in the lives of the Kolhapuri artisan community with predictable, financially rewarding livelihoods. Founded by Hitesh Kenjale, Lakshya Arora, and Abha Agarwal, Desi Hangover is showcasing Indian craftsmanship to domestic and international audiences, blending traditional styles with forward-looking footwear designs. The process innovations introduced in these rural shoemaking centres has augmented production manifold. Desi Hangover’s intervention has led to a three-time increase in remuneration for the artisan community. The start-up’s association has also encouraged women, who comprise 50% of the workforce, to become active contributors to the shoe-making process.

The Mumbai-based enterprise’s commitment to sustainability is reflected in the use of the centuries’ old vegetable tanning process that converts animal hide into usable leather. Vegetable tanning is universally regarded as an environmentally friendly option since it uses only organic substances.

India’s footwear industry is expected to grow 8 times by 2030. The domestic footwear market is estimated to reach $15.5 billion by 2022, from $10.6 billion in 2019. India is the 2nd largest producer of footwear in the world. Desi Hangover uses an omnichannel method, driving product sales through diversified online channels and offline retail partners.

Hitesh Kenjale, CEO of Desi Hangover said, “The world has not been exposed to Indian craftsmanship. The way we see it is that it has an enormous potential to become a global entity. We at Desi Hangover are building a new-age brand that showcases the hidden talent of our craft clusters to a global audience. We see immense growth potential in the offline distribution mediums. Our strong relationships built over the years will help us build a strong D2C channel supported by our offline networks. The fundraise will help us double down on the strategy.”

Commenting on the funding, Manoj Kumar, Founder and CEO, Social Alpha said,  The Desi Hangover team has demonstrated that sustainability is as much about protecting Mother Earth as it is about de-risking the livelihoods of the poor and marginalised sections of the society. At Social Alpha we are proud of our portfolio companies as they continue to demonstrate business case for sustainable consumption creating triple bottom line impact.

Chintan Bakshi, Partner – Incubation at CIIE.co said, “CIIE.co, with its regional mandate through CIIE Regional Innovation Foundation, regards Indian crafts as one of its focus areas and has supported and funded start-ups in the sector. Desi Hangover was part of the second edition of the Craft Accelerator that CIIE.co conducted in 2019. Start-ups like Desi Hangover are using technology, design interventions and business model innovation to develop world class products using the traditional crafts of India.”

Thaneshwar Singh, Founder – Be An Angel Network said,  “We invested in Desi Hangover as it promotes Indian traditional craftsmanship and has the potential to do so at a global level. At the Be An Angel Network, we not only want to back young entrepreneurs, but also allow young investors to invest in promising start-ups.”

About Social Alpha:

Social Alpha is a multistage innovation curation and venture development platform for science and technology start-ups that address the most critical social, economic, and environmental challenges through the power of entrepreneurship and market-creating innovations. Since its inception in 2016, Social Alpha has supported more than 150 start-ups, including 60+ seed investments. For more information, visit www.socialalpha.org 

LinkedIn: SocialAlpha

Twitter: @SocialAlphaIN

Facebook: SocialAlpha

Instagram: social_alpha_in 

About CIIE.co:

CIIE.co is the start-up incubation centre at Indian Institute of Management, Ahmedabad. It provides support to start-ups and entrepreneurs across their lifecycle by supporting early-stage start-ups from tier 2 and tier 3 cities, seed funding and acceleration support, research and insights and capital for growth.

About Be An Angel Network:

Be an Angel is an early stage investing platform, which identifies prospective start-ups in the pilot phase and supports them with the required funding and mentoring for future phases of growth.

No comments:

Total Pageviews