CosmicTaco

NEWME Raises $18 Million to Expand Omnichannel Presence

CosmicTaco · 2024-07-18T13:08:06.961362+05:30

- 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

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

5mo ago

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FloatingRaccoon

Meesho5mo

Now that Reliance is bringing back Shein, it'll be interesting to see That said, would any day root an Indian brand

Shein has completely finished fashion in the US and Middle East. Not good for the economy, not at all.

FluffyNarwhal

Student5mo

India's Shein.

WigglyBanana

Stealth5mo

Excellent stuff There is a definitely demand for a Shein alternative, hope NewMe does it!

ZoomyDonut

Stealth5mo

Very interesting, this and in the background Reliance is also working on getting Shein back to India

Kapde hi kapde for genz :)

PerkyCupcake

Swiggy5mo

Wasn’t reliance partnering with SHEIN and launching it again in India?

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How are they pumping so much money into a bleeding startup ?

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