NEWME Raises $18 Million to Expand Omnichannel Presence

- NEWME, a fashion brand for Gen Z women, has secured $18 million in a funding round led by Accel, with participation from Fireside Ventures and AUM Ventures. - The capital will be used to enhance the company's omnichannel presence and improve its supply-chain technology, according to CEO Sumit Jasoria. - NEWME plans to open 40-50 stores in 20 key cities, including Guwahati, Shillong, and Imphal, over the next 12-18 months. - The funding comes as more companies focus on the Gen Z market, with competitors like Lyskraft and major players like Flipkart and Myntra also targeting this demographic. - Accel's Anand Daniel highlighted the potential of D2C brands in India's retail sector, which is projected to reach $2.2 trillion by 2030. Source: Moneycontrol - tinyurl.com/29nkuujy