Fashion Startup NEWME Secures USD 18 Mn Series A Funding Led by Accel The Bengaluru-based brand aims to deploy the raised funds to expand its omnichannel presence, establish offline stores, enhance supply chain efficiency, and invest in innovation and talent in fashion-tech.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gen-z-focused fashion brand NEWME has announced the raising of USD 18 million in its Series A round led by Accel, with participation from existing investors including Fireside Ventures and AUM Ventures.
In January of this year, the Bengaluru-based startup raised USD 5.4 million. In November 2022, it also raised an undisclosed round from investors, including All In Capital, Aum Ventures, and 2am VC.
According to the official release, the raised funds will be allocated to enhance NEWME's omni-channel presence and optimise its tech-driven supply chain.
Sumit Jasoria, Co-founder and CEO of NEWME, said, "This funding is a testament to the tremendous potential of our unique approach, which leverages technology to seamlessly bridge the gap between fashion and innovation. With this investment, we are well-positioned to accelerate our growth and empower a whole new generation of fashion-conscious consumers in India."
"We are dedicated to addressing the dual-fold challenge of design relevance and evolving shopping preferences with precision and insight. Our proprietary technology stack allows us to manage the supply chain efficiently while minimising waste and delivering the latest fashion trends swiftly and sustainably," added Sumit.
Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, NEWME targets Gen Z women with an omnichannel shopping experience across India and Southeast Asia.
It opened its first retail store in Bengaluru in July 2023 and has since expanded to five new cities with six retail outlets.
Over the past 18 months, the company claims to have witnessed around 9X growth in revenue and has projected at least three-fold growth this year.
In the next 12–18 months, NEWME aims to open 40–50 stores across 20 key cities, including underserved regions like Guwahati, Shillong, and Imphal.
Anand Daniel, Partner at Accel, added, "D2C brands are uniquely positioned to capitalise on India's retail sector, which is set to cross USD 2.2 trillion by 2030, leveraging omnichannel strategies. NEWME has set the benchmark for customer obsession in the apparel category by integrating product innovation and data-driven market insights."
