- NEWME raised $18 million led by Accel, with investments from Fireside Ventures and AUM Ventures.
- The company plans to expand by opening 40-50 stores in 20 key cities, in the next 12-18 months, including Guwahati, Shillong, and Imphal.
Gen Z women-centric fashion brand, NEWME, has successfully raised $18 million in a funding round led by Accel. The round also witnessed investments from existing backers, including Fireside Ventures and AUM Ventures.
The newly secured funding will be used to expand NEWME's multi-channel presence and upgrade its supply-chain technology, in a way to enhance efficiency and customer experience.
This fundraising comes just six months after the startup raised $5 million in a seed round, as announced by the company on July 18.
“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,” said NEWME co-founder and chief executive officer Sumit Jasoria.
Founded by Shivam Tripathi, Sumit Jasoria, and Vinod Naik, NEWME sells its self-branded clothing online and offline. The company has experienced approximately 9x revenue growth over the past 18 months and expects to triple its growth this year.
NEWME plans to expand by opening 40-50 stores in 20 key cities, in the next 12-18 months, including Guwahati, Shillong, and Imphal in the Northeast. Currently, the brand operates six stores.
The existing investors, Allin Capital and 2 AM Ventures were early backers of quick commerce company Zepto.
Edited by Harshajit Sarmah
