- NEWME will leverage the new funds to expand its omnichannel presence and enhance its supply chain technology.
Bengaluru, 18th July 2024 – NEWME, a leading fashion-tech brand for Gen Z women in India, has successfully closed its Series A funding round, raising a total of USD 18 million. The round was led by Accel, a global venture capital firm, with contributions from existing investors, including Fireside Ventures and AUM Ventures. This significant investment marks a crucial milestone for NEWME, solidifying its position at the forefront of India’s rapidly growing fashion-tech sector. The funds will be strategically used to enhance NEWME’s omnichannel presence and optimize its tech-driven supply chain.
NEWME’s journey has been marked by notable achievements, such as opening its first retail store in Bengaluru last July and expanding to five new cities with six retail outlets in just ten months. The brand serves thousands of customers monthly, with 70% being online shoppers from Tier 1 and Tier 2 cities. Over the next 12-18 months, NEWME plans 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.
“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. “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,” he added.
The USD 18 million secured in the Series A funding round will be strategically deployed to accelerate NEWME’s growth across three key areas: building an omnichannel presence, establishing a robust network of offline stores to complement the thriving online platform, leveraging cutting-edge technology to streamline the supply chain, ensuring greater agility and efficiency, and investing in innovation and talent by attracting top talent and developing next-generation technologies to solidify NEWME’s position as a leader in fashion-tech innovation.
Anand Daniel, Partner at Accel, remarked, “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 apparel category by integrating product innovation and data-driven market insights. We are excited to partner with NEWME on their journey to becoming a leader in the fashion-tech industry in India.”
NEWME has established itself as one of the fastest-growing fashion-tech companies in India. Over the past 18 months, the company has witnessed a phenomenal 8-9X growth in revenue. Leveraging best-in-class technology to digitize its supply chain, NEWME has delivered on its promise to meet the evolving needs of today’s fashion-forward consumers. With a projected 3-4X growth this year, NEWME is poised to become a household name in the Indian fashion industry. Earlier this year, the brand had received INR 45 crore in seed funding from Fireside Ventures, AUM Ventures, 2 AM Ventures, and Allin Capital.
The brand’s focus on creating an omnichannel shopping experience for Gen Z women has resulted in the opening of six brand stores in just two years of operations. In a competitive market, NEWME is emerging as a go-to fashion brand that is making its mark among Gen Z women in India. By combining the power of technology with a deep understanding of Gen Z preferences, the brand has carved a unique niche for itself in the fashion industry.
