Founded in 2022 by Sumit Jasoria, Shivam Tripathi, Vinod Naik and Himanshu Chaudhary, Newme currently offers fashion wear for women of age group 16-24
The funding will be allocated across multiple functions including the development of the supply chain, team building, and adopting technology across verticals
To boost the offline presence, the startup plans to launch 30 to 40 stores across India across Pune, Delhi NCR, Chandigarh, Chennai, Kolkata, Guwahati within a year
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GenZ-focussed fashion and apparel startup Newme has raised seed funding of INR 45 Cr (around $5.4 Mn) led by venture fund Fireside Ventures, with participation from AUM Ventures, 2AM Ventures and Allin Capital.
The freshly raised capital will be deployed across multiple functions, including the development of the supply chain, team building and adopting technology across verticals, Newme’s cofounder and CEO Sumit Jasoria told Inc42.
Besides, a portion of the proceeds will also be used for hiring more leadership roles to scale up operations.
Founded by Jasoria, Shivam Tripathi, Vinod Naik and Himanshu Chaudhary in 2022, Newme offers fashion wear for women in the age group 16-24, including tops, bottoms and dresses, among others.
Newme has an omnichannel presence and operates through three shops in Bengaluru and Mumbai, and its own website and mobile application in the online space. To boost the offline presence, the startup plans to launch 30 to 40 stores across India across Pune, Delhi NCR, Chandigarh, Chennai, Kolkata, and Guwahati within a year.
Jasoria further said that the startup’s first and foremost focus is to adopt technology for scaling the business. Also, it aims to work on its offline presence for expansion across India.
“We want to launch more categories for women, and once we boost our supply chain in India, we will start working on offering fashion solutions for GenZ men as well. However, we will look at it only after 2-3 years” he added.
The startups competes with the likes of Absolute Brands, Snitch, Styched, Virgio, among others.
Of its competitors, last month, Absolute Brands secured $2.5 Mn in its seed funding round to work on its offline retail presence for its first brand, Big Hello, and for tech innovation to develop an omnichannel presence.
Earlier, in December last year, Snitch secured INR 110 Cr in a Series A funding round to scale up its talent and technology, as well as to build an offline retail strategy.
According to Inc42’s State Of Indian Ecommerce Report Q3 2023, the fashion and apparel segment is estimated to reach a market size of $112 Bn+ by 2030 exhibiting a 24% CAGR.
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