The funding round was led by venture capital firm Accel with participation from existing investors including Fireside Ventures and AUM Ventures
Bengaluru: Gen Z-focused fashion-tech startup Newme has secured $18 million in series A funding led by venture capital firm Accel with participation from existing investors including Fireside Ventures and AUM Ventures, according to a company press release on Friday.
“With this investment, we are well-positioned to accelerate our growth and empower a whole new generation of fashion-conscious consumers in India,” said Sumit Jasoria, co-founder of Newme. “We are dedicated to addressing the dual-fold challenge of design relevance and evolving shopping preferences with precision and insight.”
The funds will be utilised to enhance the brand’s omnichannel presence, establish a strong network of offline stores and optimise its tech-driven supply chain.
“Direct-to-consumer (D2C) brands are uniquely positioned to capitalise on India’s retail sector, which is set to cross $2.2 trillion by 2030, leveraging omnichannel strategies. We are excited to partner with Newme on its journey to a leader in the fashion-tech industry in India,” said Anand Daniel, partner at Accel.
Earlier this year, the brand received Rs 45 crore seed funding from Fireside Ventures, AUM Ventures, 2 AM Ventures and Allin Capital.
Founded in 2022 by Jasoria, Vinod Naik, Shivam Tripathi and Himanshu Chaudhary, Newme currently targets more than 500 million Gen Z customers in India and Southeast Asia.
The online-first brand currently operates a total of six stores across five cities.
In the next 12-18 months, Newme is aiming to open 40-50 stores across 20 cities, including regions like Guwahati, Shillong and Imphal, the release added.
