- Fashion-tech brand NEWME secures $18 million in Series A funding led by Accel
- Previous funding rounds included investments from Fireside Ventures and AUM Ventures
- NEWME plans to expand its omnichannel presence and open more offline stores
- Co-Founder & CEO Sumit Jasoria highlights the brand’s unique approach bridging fashion and technology
- NEWME targets over 500 million Gen Z customers in India and Southeast Asia, aiming for significant growth and innovation
Fashion-tech brand NEWME: Revolutionizing Gen Z Fashion
Fashion-tech brand NEWME has made headlines with its recent success in raising $18 million in a Series A funding round. This funding, led by Accel and supported by existing investors Fireside Ventures and AUM Ventures, speaks volumes about the brand’s potential in the fashion-tech industry. NEWME, founded by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary in 2022, is dedicated to catering to Gen Z women in India and Southeast Asia with its unique approach that combines fashion and technology seamlessly.
Expanding Omnichannel Presence and Offline Stores
The infusion of $18 million in funding will enable NEWME to enhance its omnichannel presence and establish a robust network of offline stores. The brand’s focus on leveraging cutting-edge technology to streamline the supply chain will further strengthen its position in the market. By investing in innovation and talent, NEWME aims to attract top talent and develop next-generation technologies that will set new standards in the fashion-tech industry.
Empowering Fashion-Conscious Consumers
Sumit Jasoria, Co-Founder & CEO of NEWME, expressed his excitement about the funding, highlighting the brand’s unique approach in bridging the gap between fashion and innovation. NEWME’s commitment to empowering a new generation of fashion-conscious consumers in India is evident in its growth strategy and customer-centric approach. With a target of reaching over 500 million Gen Z customers, NEWME is poised to make a significant impact in the fashion-tech landscape.
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Future Expansion and Market Leadership
NEWME’s rapid expansion from its first retail store in Bengaluru to multiple outlets across different cities reflects its strong growth trajectory. With plans to open 40-50 stores in key cities and underserved regions like Guwahati, Shillong, and Imphal, NEWME is set to solidify its presence in the market. By focusing on enhancing its online infrastructure and delivering a seamless omnichannel experience, the brand aims to meet the growing demand and establish itself as a leader in the fashion-tech industry.
NEWME’s successful funding round and strategic growth plans underscore its commitment to revolutionizing the fashion-tech industry. With a strong focus on innovation, customer satisfaction, and market expansion, NEWME is well-positioned to shape the future of fashion for Gen Z consumers in India and Southeast Asia.
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