Newme is a fashion startup that secured $18 million from Accel in its series A funding round. The  funding 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 is aiming 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 every  week targeted at Gen-Z female customers. The Bengaluru startup has six retail stores across five cities including Bengaluru, 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  metros cities with Bengaluru and Hyderabad as the leading cities. 

Newme previously secured $5.4 million in its seed funding with participation from AUM ventures, 2AM  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 the $112 billion mark 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 managed to secure 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. Newme has six retail stores across five cities  and it plans to launch over 15 new stores by March 2025. The company reported around 40 lakh  registered users across its website and mobile application.