Newme, an affordable Gen Z-focused fashion brand has secured Rs 45 crore ($5.4 million) in seed funding led by venture fund Fireside Ventures.
AUM Ventures, 2AM Ventures, and Allin Capital also participated in the funding round.
The brand will utilise the funds to enhance its supply chain, team expansion, and technology development across different verticals.
Additionally, a portion of the funds will be allocated towards hiring key leadership roles to scale up operations.
Commenting on the funding, Sumit Jasoria in a statement said, “The startup’s first and foremost focus is to adopt technology for scaling the business. Also, it aims to work on its offline presence for expansion across India.”
“We want to launch more categories for women, and once we boost our supply chain in India, we will start working on offering fashion solutions for GenZ men as well. However, we will look at it only after 2-3 years,” he added.
Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, Newme launches over 500 designs every week targeted at the Gen Z customers in India and Southeast Asia.
The startup currently operates through an omnichannel approach, with three physical stores in Bengaluru and Mumbai, alongside its own website and mobile application.
Copyright © 2024 FashionNetwork.com All rights reserved.
