Fashion Startup Newme Raises INR 45 Cr in Seed Funding Led by Fireside Ventures
- ByStartupStory | January 25, 2024
GenZ-focused fashion and apparel startup Newme has secured INR 45 Cr (approximately $5.4 Mn) in seed funding led by venture fund Fireside Ventures. The funding round also saw participation from AUM Ventures, 2AM Ventures, and Allin Capital.
According to Sumit Jasoria, Newme’s co-founder and CEO, the freshly raised capital will be utilized for various purposes, including enhancing the supply chain, expanding the team, and integrating technology across different verticals. Additionally, a portion of the funds will be allocated towards hiring key leadership roles to scale up operations.
Established in 2022 by Sumit Jasoria, Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary, Newme specializes in offering fashion wear for women aged 16-24, featuring a range of products such as tops, bottoms, and dresses.
The startup currently operates through an omnichannel approach, with three physical stores in Bengaluru and Mumbai, alongside its own website and mobile application in the online space. To bolster its offline presence, Newme plans to launch 30 to 40 stores across major cities in India, including Pune, Delhi NCR, Chandigarh, Chennai, Kolkata, and Guwahati, within the next year.
Sumit Jasoria emphasized Newme’s commitment to leveraging technology to scale its business and expand its offline footprint across India. He also mentioned the startup’s plans to introduce new product categories for women and eventually venture into offering fashion solutions for GenZ men after a few years.
Competing in the market alongside brands like Absolute Brands, Snitch, Styched, and Virgio, Newme’s funding news comes amid a growing trend of investments in the fashion and apparel segment. Notably, Absolute Brands recently secured $2.5 Mn in seed funding to enhance its offline retail presence and drive tech innovation, while Snitch raised INR 110 Cr in a Series A funding round to strengthen its talent, technology, and offline retail strategy.
The fashion and apparel segment in India continues to show promising growth, with Inc42’s State Of Indian Ecommerce Report Q3 2023 estimating its market size to surpass $112 Bn by 2030, exhibiting a robust 24% CAGR.
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