Fashion-tech brand NEWME raises $18 million in a Series A round

NEWME, a fashion-tech brand for Gen Z women, today announced the closing of its Series A funding round, raising a total of $18 million.

The round was led by Accel, a leading global venture capital firm, with participation from existing investors, including Fireside Ventures and AUM Ventures.

Earlier this year, the brand raised Rs 45 crore in a seed funding round from Fireside Ventures, AUM Ventures, 2 AM Ventures, and Allin Capital.

Purpose of fundraising

The startup will deploy the raised capital to enhance its omnichannel presence, establish a strong network of offline stores, leverage cutting-edge technology to streamline the supply chain and invest in innovation and talent by attracting top talent and developing next-generation technologies.

“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,” said Sumit Jasoria, Co-Founder & CEO of NEWME.

Who are the founders?

Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, NEWME targets more than 500 Mn Gen Z customers in India and Southeast Asia.

"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 minimizing waste, and delivering the latest fashion trends swiftly and sustainably," added Sumit.

NEWME's market presence

In July of last year, NEWME opened its first retail store in Bengaluru. Since then, it has expanded to 5 new cities with 6 retail outlets. The startup claims to serve thousands of customers monthly, 70% of whom are online shoppers from Tier 1 and Tier 2 cities.

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.

To meet the growing demand, NEWME will enhance its online infrastructure, ensuring a seamless omnichannel experience for its customers.

According to Anand Daniel, Partner at Accel, “D2C brands are uniquely positioned to capitalize 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 apparels 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.”