NewMe’s Revenue Set to Cross Rs 200 Crore on Gen Z Demand

• Fast-fashion retailer NewMe has reached 2.5 million mobile app downloads within a year of its launch in early 2023, boasting a 50% customer retention rate.
• The company’s revenue has surged 7X to Rs 200 crore in 18 months, translating to a monthly revenue of Rs 18 crore.
• Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himansu Chaudhary, NewMe draws style inspiration from K-pop and resonates with young women.
• NewMe secured $18 million in Series A funding in July, led by Accel, with existing investors Fireside and AUM Ventures also participating.
• Initially an online-only brand, NewMe now generates 18% of its sales from physical retail and plans to expand to 40-50 locations in 20 cities by the end of March 2024.

Source: The Arc