Updated January 26th, 2024 at 13:33 IST

GenZ-focused fashion startup Newme secures Rs 45 crore in seed funding led by Fireside Ventures

The startup currently employs an omnichannel approach, with three physical stores strategically located in Bengaluru and Mumbai, along with online presence.

Reported by: Business Desk
Newme fashion startup | Image:Newme
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Newme fashion startup: GenZ-centric fashion and apparel startup Newme has successfully raised Rs 45 crore (approximately $5.4 Mn) in seed funding, with Fireside Ventures leading the investment round. AUM Ventures, 2AM Ventures, and Allin Capital also participated in the funding, reflecting strong investor confidence in Newme's vision and potential.

Sumit Jasoria, Co-founder and CEO of Newme, shared insights into the startup's strategic plans for the freshly acquired capital. The funds are earmarked for various purposes, including strengthening the supply chain, team expansion, and integrating technology across different business verticals. Additionally, a portion of the investment will be directed towards hiring key leadership roles to facilitate the scaling up of operations.

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Founded in 2022 by Sumit Jasoria, Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary, Newme specializes in offering trendy fashion wear for women aged 16-24, encompassing a diverse range of products such as tops, bottoms, and dresses.

The startup currently employs an omnichannel approach, with three physical stores strategically located in Bengaluru and Mumbai, complemented by its website and mobile application in the online space. As part of its growth strategy, Newme aims to establish 30 to 40 stores across major Indian cities, including Pune, Delhi NCR, Chandigarh, Chennai, Kolkata, and Guwahati, within the next year.

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Sumit Jasoria underscored Newme's commitment to leveraging technology to scale its business and expand its offline footprint throughout India. He also hinted at the startup's plans to introduce new product categories tailored for women and, in the long term, venture into providing fashion solutions for GenZ men.

Competing in a dynamic market alongside brands like Absolute Brands, Snitch, Styched, and Virgio, Newme's funding news aligns with the prevailing trend of increased investments in the fashion and apparel segment. Notably, Absolute Brands recently secured $2.5 Mn in seed funding to enhance its offline retail presence and drive technological innovation, while Snitch raised Rs 110 crore in a Series A funding round to fortify its talent pool, technology infrastructure, and offline retail strategy.

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The fashion and apparel segment in India continues to exhibit promising growth, with Inc42's State Of Indian Ecommerce Report Q3 2023 projecting its market size to exceed $112 billion by 2030, demonstrating a robust 24 per cent Compound Annual Growth Rate (CAGR). As Newme secures this seed funding, it positions itself strategically to capitalize on the expanding opportunities within this dynamic market landscape.
 

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Published January 26th, 2024 at 13:30 IST