Why We Invested in Flatheads
A D2C fashion brand making all-day casual sneakers
What is Flatheads?
Flatheads is a startup that offers an aspirational brand of dress sneakers designed for casual work and fun dressing, optimised for long lasting comfort. The company was founded by Utkarsh Biradar and Ganesh Balakrishnan in late 2019.
What does Flatheads do?
Flatheads is a brand of all-day sneakers that provides stylish and comfortable footwear for young urban Indian consumers, which they can wear all day long in both ‘work’ and ‘fun’ environments. The company offers affordable prices and unique styles that are perfect for the growing trend of premiumization and shift to branded footwear.
The co-founding team of Utkarsh Biradar and Ganesh Balakrishnan brings a wealth of experience to the table, with over 20+ years in business, design, marketing, and strategy. They have successfully co-founded and sold a fintech company, Momoe, and have continued to ideate and grow Flatheads in the highly competitive Indian footwear industry.
Why this Industry?
The Indian footwear industry contributes about 2% to India’s overall GDP, and the non-leather footwear segment has gained traction globally, with 86% of global footwear consumption being non-leather. India is the second-largest producer and consumer of footwear in the world, making it a double-digit growth opportunity. Additionally, the rise of the middle-income group, increasing literacy rates, e-commerce/online sales channels, and government incentives for exports of leather and footwear products are all favourable factors for the Indian footwear industry.
The total addressable market for Flatheads is vast, with the growing trend of premiumization and shift to branded footwear, as well as the increasing aspiration-based buying habits of young urban consumers.
Why we invested?
We invested in Flatheads due to its unique value proposition of providing all-day comfort and completing the well-groomed look for young urban Indian consumers. The strong co-founding team's track record of success and their expertise in design, marketing, and strategy makes them a perfect fit for the venture capital firm's philosophy of investing in disruptive startups with innovative business models. Dexter Angels is confident that Flatheads will continue to grow and capture a significant market share in the Indian footwear industry.