Gen Z-centric fashion-tech startup Newme has closed an $18 million Series A funding round, led by venture capital firm Accel, with deep participation from its existing investors such as Fireside Ventures and AUM Ventures. This new capital injection is positioned to back the company’s aggressive growth ambitions and strengthen its position in India’s rising fashion-tech space.
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Sumit Jasoria, Co-founder of Newme
said that with this investment, they are well-poised to step up their growth and empower a whole new generation of fashion-conscious consumers within India. That they are focused on solving the twin challenges of design relevance and shopping preference evolution with a lot of precision and incisive understanding.
These fresh funds would be used to thoughtfully and strategically drive the omnichannel presence of the brand, build a strong network of offline stores, and optimize the tech-driven supply chain. This initiative would help create a seamless shopping experience for consumers by merging convenience in online shopping with the satisfaction of in-store purchases.
Anand Daniel, Partner at Accel, stated that D2C brands are uniquely positioned to ride the wave in India’s retail sector, which is projected to surpass $2.2 trillion by 2030, on the back of omnichannel strategies. We are excited to partner with Newme on its journey to becoming a leader in the fashion-tech industry in India,
Newme had earlier raised Rs 45 crore in seed funding from Fireside Ventures, AUM Ventures, 2 AM Ventures, and Allin Capital this year itself. It was this slew of early-stage investments that laid the bedrock of Newme’s fast growth and helped establish a rather strong foothold within a very competitive fashion market.
Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, Newme has grown rapidly to become an important stakeholder in the fashion-tech space, targeting more than 500 million customers from Gen Z across India and Southeast Asia. This brand represents state-of-the-art technology merged with modern fashion and easily captivates the interest of digitally advanced youth.
Right now, the online-first brand has six stores across five cities. However, Newme has aggressive plans for expansion. Within the next 12-18 months, it will open 40-50 stores in 20 cities, including places like Guwahati, Shillong, and Imphal. This sort of expansion will not only provide a large physical footprint to the brand but also give more capacity to be connected to a larger base of people.
By touting a fusion of technology and fashion, Newme is primed to transform in-store shopping for the Gen Z consumer. It truly is the leader in the fashion-tech industry, as understanding and catering to the shifts in priorities of the target demographic does. While continuing to grow, Newme keeps its mission of providing innovative solutions relatable to the modern consumer for a dynamic, engaging shopping experience online and offline.
