New Delhi: GenZ-women-focused fashion tech-startup Newme has raised $18 million in Series A funding round led by a global venture capital firm Accel Partners, it said in a media release on Thursday. Its existing investors including Fireside Ventures and AUM Ventures also participated in the round.
With this fund raise, the company aims to strengthen its position enhancing its omnichannel presence and optimizing its tech-driven supply chain.
Sumit Jasoria, Co-Founder and CEO of the company said, “We are 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 minimizing waste, and delivering the latest fashion trends swiftly and sustainably.”
The GenZ women-focused brand which raised Rs 45 crore earlier this year, has witnessed an 8-9x growth in revenue in the last 18 months and expects a 3-4x growth this year.
Founded in 2022, the fashion startup currently has six brand stores and aims to open 40-50 stores across 20 key cities in the next 12-18 months, including underserved regions like Guwahati, Shillong, and Imphal.
