Newme, the GenZ-focused fashion and apparel startup, has secured INR 45 Crore (approximately $5.4 million) in seed funding. The funding round was led by Fireside Ventures, with participation from AUM Ventures, 2AM Ventures, and Allin Capital.
The recently acquired funds will be utilized for various purposes, such as advancing the supply chain, expanding the team, and integrating technology across different sectors, as stated by Sumit Jasoria, the Co-Founder and CEO of Newme.
Additionally, a part of the funds will be dedicated to hiring more leadership roles in order to scale up operations.
Established in 2022 by Jasoria, Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary, Newme provides fashion wear for women aged 16-24, offering a range of products including tops, bottoms, dresses, and more.
Jasoria emphasized that the primary focus of the startup is to leverage technology for business scalability. Additionally, the goal is to enhance the offline presence for widespread expansion throughout India.
“We want to launch more categories for women, and once we boost our supply chain in India, we will start working on offering fashion solutions for GenZ men as well. However, we will look at it only after 2-3 years” he added.
The startup competes with brands such as Absolute Brands, Snitch, Styched, Virgio, and others.
Among its rivals, Absolute Brands successfully raised $2.5 million in its recent seed funding round. The funding will be utilized to enhance its offline retail presence, particularly for its initial brand, Big Hello, and to invest in technological innovation for the development of an omnichannel presence.
Continue Exploring: Fashion startup Absolute Brands raises $2.5M in seed funding, plans to open 500 stores in India
Earlier, in December last year, Snitch secured INR 110 crore in a Series A funding round to scale up its talent and technology, as well as to build an offline retail strategy.
Continue Exploring: Snitch eyes offline retail expansion after raising $13.19 Million in Series A funding round
According to a report, the fashion and apparel segment is projected to reach a market size of $112 billion by 2030, with a 24% Compound Annual Growth Rate (CAGR).