Women-focussed fast fashion brand Newme raises Rs 109 crore from existing investors

Women-focussed fast fashion brand Newme has raised Rs 108.66 crore in the first close of its Series B round.

The funding is co-led by existing backers Accel India and Fireside Ventures, with participation from new investor Point72 Ventures and other supporters.

The fresh capital comes a year after Newme secured $18 million in its Series A round, also led by Accel.

Accel India and Fireside Ventures will each invest Rs 36.94 crore. Point72 Ventures will put in Rs 26.38 crore. AUM Ventures, 2am Ventures and A, Paul SRC SPV V, LLC will contribute the rest of the amount.

Newme was founded by Shivam Tripathi, Sumit Jasoria, Himanshu Chaudhary and Vinod Naik. The Bengaluru-based brand sells women-centric fast fashion products aimed at Gen Z.

It releases over 500 new styles every week and has more than 12,000 designs live across its channels. According to its website, the app has crossed 7 million downloads and the firm operates 16 outlets across major cities including Bengaluru, Mumbai, New Delhi, Chandigarh, Pune and Hyderabad.