Bengaluru-based fashion startup, Newme, has secured $18 million in its Series A funding round. The investment was led by venture capital firm Accel, with participation from existing investors Fireside Ventures and AUM Ventures.
Focus on Growth and Expansion
The money will be wisely distributed by Newme among three main categories. A sizeable amount will go toward fortifying its supply chain, guaranteeing effective operations and a quicker product time-to-market. Furthermore, the business intends to invest resources towards augmenting its technological and data science skills, thereby facilitating improved customer insights and tailored experiences. Newme will concentrate on growing its offline presence with the opening of additional stores in order to broaden its reach beyond the digital sphere.
A Strong Foundation for Growth
Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, Newme has quickly gained traction in the Gen-Z fashion market. The startup boasts an impressive 35-40 lakh registered users and has witnessed remarkable growth, expanding nearly 7 times in 2023. With a focus on fresh designs, Newme launches 500 new styles every week, offering a diverse range of options to its target audience.
Aggressive Expansion Plans
At the moment, Newme runs six retail locations throughout several cities and is prepared to grow even more. By March 2025, the business hopes to open 15 locations, with a focus on important cities like Bengaluru, Delhi NCR, Mumbai, and Pune. Newme’s robust online presence is complemented by this well-thought-out offline expansion, which gives consumers more ways to interact with the brand.
A Competitive Edge
The fashion industry is fiercely competitive, with both long-standing players and recent arrivals fighting for consumers’ attention. Newme sets itself apart with a strong supply chain that makes it possible to release new designs quickly. The firm is well-positioned to compete in the quick-paced fashion sector thanks to its distinct advantage.
The Future of Fashion
India’s fashion e-commerce sector is experiencing significant growth, projected to reach $112 billion by 2030. The women’s apparel and accessories segment is expected to lead this growth, capturing a substantial market share. With its focus on Gen-Z consumers, innovative product offerings, and strategic expansion plans, Newme is well-positioned to capitalize on this growth opportunity and become a leading player in the Indian fashion industry.
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