The round also saw participation from existing investors, including Fireside Ventures and AUM Ventures Newme will utilise the funds primarily in three areas – bolstering its supply chain, investing in data science and technology, and its offline expansion The startup launches 500 fresh designs every week, and it has overall nearly 9000+ styles live on the website targeting Gen-Z female shoppers GenZ-focussed fashion startup Newme has raised $18 Mn in its Series A funding round led by venture capital firm Accel. The round also saw participation from existing investors including Fireside Ventures and AUM Ventures. The Bengaluru-based startup plans to utilise the funds primarily on three areas — bolstering its supply chain, investing in data science and technology, and offline expansion, Newme cofounder and CEO Sumit Jasoria told Inc42.
“Innovation in the supply chain is critical for our business...
Another crucial area is technology and data science, where we aim to deepen our expertise and attract more talent,” Jasoria said. The startup will also use a part of the freshly raised capital for talent acquisition, he added. Launched in 2022 by Jasoria, along with Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, Newme sells women apparel.
The startup claims to launch 500 fresh designs every week and have nearly 9,000+ styles live on the website targeting Gen-Z female shoppers. Currently, Newme has six retail stores across five cities – Bengaluru, Hyderabad, Indore, Mu.
