We are discussing Fashion Startup Newme Secured $18 Million in its Series A Funding Round Led by Accel:
Newme is a fashion startup that secured $18 million from Accel in its series A funding round. The round saw the participation of its new and existing investors, including AUM Ventures and Fireside Ventures. The startup plans to use this fresh capital to enhance its supply chain, scale its operations, expand its offline market presence, and invest in data science and technology.
The CEO of Newme, Sumit Jasoria, told inc42 in an interview that the supply chain plays a critical role in the startup’s business along with data science & technology. The company aims to deepen its expertise and enhance its workforce by hiring more talent. The firm was co-founded by Vinod Naik, Himanshu Chaudhary, and Shivan Tripathi in 2022. The company provides over 9000 styles and options for women’s fashion items. The platform claims to launch around 500 new and fresh designs weekly targeted at Gen-Z female customers. The Bengaluru startup has six retail stores across five cities, including Indore, Mumbai, Chandigarh, and Hyderabad.
The company intends to establish another store in Dehradun soon. Newme aims to launch 15 new stores across Pune, Mumbai, Bengaluru, and Delhi NCR by March 2025. Jasoria mentioned that the company noticed its growth and demand among the public for offline business. He mentioned that Newme is one of the few brands in India that secured ground stores across malls. Sumit showed his belief in the company’s offline expansion. The startup claims to have over 40 lakh registered users across its website and mobile application. The firm receives around half of its orders from tier-I and metro cities, with Bengaluru and Hyderabad as the leading cities.
Newme previously secured $5.4 million in seed funding with participation from AUM ventures, 2 AM ventures, Fireside Ventures, and All In Capital. The company mainly focuses on increasing its market share and strengthening its supply chain. The Bengaluru startup faces competition from other fashion brands such as Myntra and Ajio. Inc42 report shows that the fashion e-commerce market is growing with a 25 percent CAGR and is expected to reach over $112 billion in the next six years. The women’s fashion and accessories category is expected to lead the segment with a 50 percent market share in the same duration.
Conclusion
D2C fashion startup Newme secured 18 million USD in its series A funding round. The firm raised $18 million in a round led by Accel, AUM Ventures, and Fireside Ventures. The company plans to use this fund to invest in data science & technology, scale up operations, strengthen its supply chain, and general corporate purposes while aiming for offline expansion in the fashion market. The Bengaluru startup offers fashion items for Gen-Z women. Newman has six retail stores across five cities and plans to launch over 15 new stores by March 2025. The company reported around 40 lakh registered users across its website and mobile application.
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