CosmicTaco

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

CosmicTaco · 2024-08-21T16:58:38.415451+05:30

- 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](https://thearcweb.com/article/fast-fashion-newmes-revenue-set-to-cross-rs-200-cr-on-gen-z-demand-TwqKCTMDXdx1DZG5)

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