Gen-Z-focused fast fashion brand, Newme, has secured $18 million in its Series A funding round led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. The Bengaluru-based startup previously raised $5.4 million in January this year and had an undisclosed round of funding from investors such as AUM Ventures, 2am VC, and All In Capital in November 2022.
Newme plans to use the new funds to enhance its omnichannel presence and improve supply-chain technology, according to a company press release. Founded by Shivam Tripathi, Sumit Jasoria, and Vinod Naik, Newme currently offers self-branded clothing through both online and offline channels.
The brand opened its first retail store in Bengaluru in July last year and has since expanded to five new cities with six retail outlets. In the next 12-18 months, Newme aims to establish 40-50 stores across 20 key cities, including underserved regions like Guwahati, Shillong, and Imphal. Over the past 18 months, Newme reports a 9X growth in revenue and anticipates at least three-fold growth this year.
Fast fashion brands have garnered significant funding in recent years. For instance, the omnichannel ethnic wear brand Libas raised $18 million in its first funding round. Other notable brands in the sector include DSLR, French Crown, and Virgio.
