Fast fashion retailer NEWME on Thursday raised $18 million in series A funding in an equity round led by Accel, along with participation from existing investors Fireside Ventures and AUM Ventures. Accel contributed $12.5 million in the round, and will nominate one person to NEWME's board following the funding, NEWME CEO & Co-founder Sumit Jasoria told The company plans to use the funds for offline expansion and optimising its supply chain.
It is also planning to open 40-50 stores across 20 key cities, including key markets in North-east India, over the next 12-18 months. It is targeting to open 15-20 offline stores in FY25 and plans to grow 4x compared to last year by the end of current financial year. NEWME also plans to use the funds in "building an , establishing a strong network of offline stores to complement the thriving online platform, leveraging cutting-edge technology to streamline the supply chain," it said in a statement.
Jasoria said the company is "dedicated to addressing the dual-fold challenge of design relevance and evolving shopping preferences with precision and insight. Our proprietary technology stack allows us to manage the supply chain efficiently while minimising waste, and delivering the latest fashion trends swiftly and sustainably." Founded in 2022 by Vinod Naik, Shivam Tripathi, Himanshu Chaudhary, and Sumit Jasoria, NEWME was one of the first digital-native brand to foray into offline expansion and focus on omnichannel presence.
It opened its firs.
