NEWME, a fashion-tech brand for Gen Z women, has closed its Series A funding round, raising USD 18 million. The round was led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. The funds will enhance NEWME's omnichannel presence and optimize its tech-driven supply chain.
Since its inception two years ago, NEWME has rapidly expanded, opening six retail stores across five states and catering to thousands of customers monthly. The brand plans to increase its offline presence significantly, targeting 40-50 new stores in the next 12-18 months, including locations in Guwahati, Shillong, and Imphal.
"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," said Sumit Jasoria, Co-Founder and CEO of NEWME. He emphasized the brand’s commitment to using technology to manage the supply chain efficiently, minimizing waste and delivering fashion trends swiftly and sustainably.
Anand Daniel, Partner at Accel, highlighted NEWME’s potential to capitalise on India's retail sector, set to cross USD 2.2 trillion by 2030. "NEWME has set the benchmark for customer obsession in the apparels 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," he said.
