Newme, a dynamic fashion startup targeting Gen Z consumers, has achieved a major milestone by raising $18 million in its Series A funding round.
The round was spearheaded by Accel, a renowned venture capital firm, with participation from existing investors such as Fireside Ventures and AUM Ventures. Headquartered in Bengaluru, Newme plans to strategically deploy these funds across key areas crucial for its growth trajectory. Sumit Jasoria, Co-founder and CEO of Newme, outlined the strategic priorities for the investment.
“Our focus will be on enhancing our supply chain capabilities, leveraging advanced data science and technology, and expanding our offline retail footprint,” Jasoria highlighted. He emphasized the critical role of innovation in supply chain management and the strategic importance of technology and data science in scaling operations and enhancing customer experiences.
Additionally, a significant portion of the funding will be allocated towards talent acquisition to bolster Newme’s team and drive its ambitious expansion plans.
Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, Newme has rapidly established itself as a go-to destination for women’s apparel, known for launching 500 new designs weekly and maintaining a diverse catalog of over 9,000 styles catering specifically to Gen Z female shoppers.
Presently, Newme operates six retail stores across prominent cities including Bengaluru, Hyderabad, Indore, Mumbai, and Chandigarh. The company is set to open its seventh store in Dehradun imminently. Looking forward, Newme envisions robust expansion, targeting a total of 15 stores in key metropolitan areas such as Mumbai, Pune, Delhi NCR, and Bengaluru by March 2025.
The infusion of $18 million underscores Newme’s commitment to innovation, customer-centricity, and sustainable growth in the competitive fashion industry. With a strengthened supply chain, enhanced technological capabilities, and an expanded retail presence, Newme is poised to meet the evolving demands of Gen Z consumers and reinforce its position as a leader in the fashion retail sector.
