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[Funding News] Newme Secures $18 Mn In Series A Funding Round from Accel

By Team VS
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Newme has secured $18 million in its Series A funding round, with venture capital company Accel leading the investment. The funding round also seen the involvement of previous investors, such as Fireside Ventures and AUM Ventures.

Newme intends to allocate the cash primarily towards enhancing its supply chain, investing in data science and technology, and expanding its offline presence.

Newme specialises on the retail of women's clothing. The firm asserts that it introduces 500 new designs on a weekly basis and offers nearly 9,000+ styles on its website, specifically catering to female buyers from the Gen-Z demographic.

Newme operates a total of six retail stores located in five different cities, including Bengaluru, Hyderabad, Indore, Mumbai, and Chandigarh. The company intends to inaugurate its seventh retail outlet in Dehradun in the near future. The business aims to have 15 outlets in Mumbai, Pune, Delhi NCR, and Bengaluru by March 2025.

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The Newme app and website collectively have an impressive 3.5 to 4 million registered users. Presently, the business receives approximately 40-50% of its orders from major cities and Tier-I cities, with Bengaluru and Hyderabad making a substantial contribution. Combined, Tier-I and Tier-II cities constitute around 75% of the demand, with the remaining 25% originating from other cities.


Sumit Jasoria, founder, Newme, said: “We are seeing tremendous growth and customer enthusiasm for our offline business. Our stores are performing exceptionally well, and we are one of the few brands in India securing ground store locations in malls. This demonstrates the traction we’re gaining with our customers. Looking at the long-term business prospects, we’re very excited about our journey in offline expansion, and we believe it will only get stronger from here,”

About Newme

Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, NEWME is a real-time fashion company serving Gen Z across India and South East Asia.

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