Gen Z women fashion-tech brand NEWME closed its Series A funding round with US$ 18 million. The round was led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. The funding will be used to bolster NEWME’s omnichannel presence and enhance its tech-driven supply chain.
“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,” Sumit Jasoria, Co-Founder & CEO, NEWME said.
“Our proprietary technology stack allows us to manage the supply chain efficiently while minimising waste, and delivering the latest fashion trends swiftly and sustainably,” Jasoria added.
NEWME has rapidly expanded since launching its first Bengaluru store last July, now operating six outlets across five cities and serving a significant online customer base. Over the next year, NEWME plans to open 40-50 stores in 20 cities, including underserved regions like Guwahati, Shillong, and Imphal, aiming to meet increasing consumer demand.
“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. NEWME has set the benchmark for customer obsession in the apparel category by integrating product innovation and data-driven market insights. We are excited to partner with NEWME on their journey to a leader in the fashion-tech industry in India,” Anand Daniel, Partner at Accel said.
NEWME has established itself as one of the fastest-growing fashion-tech companies in India. Over the past 18 months, the company has witnessed a phenomenal 8-9X growth in revenue. Leveraging best-in-class technology to digitise its supply chains.
With a projected 3-4x growth this year, NEWME is poised to become a household name in the Indian fashion industry. 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, NEWME aims to cater to over 500 million Gen Z customers in India and Southeast Asia by enhancing accessibility and affordability through technology-driven solutions.
