Fashion Women-focused fast fashion brand Newme has raised Rs. 108.66 crore (US $ 12.14 million) in the first close of its Series B funding round. The investment is co-led by existing backers Accel India and Fireside Ventures, with participation from new investor Point72 Ventures alongside other supporters.
The fresh infusion comes a year after the Bengaluru-based company secured US $ 18 million in its Series A round, also led by Accel.
As part of the latest round, Accel India and Fireside Ventures will each invest Rs. 36.94 crore (US $ 4.12 million), while Point72 Ventures will contribute Rs. 26.38 crore (US $ 2.94 million). The remainder of the capital will be provided by AUM Ventures, 2am Ventures and A, Paul SRC SPV V, LLC.
Newme was founded by Shivam Tripathi, Sumit Jasoria, Himanshu Chaudhary and Vinod Naik. The brand caters primarily to Gen Z consumers, offering a wide range of fast fashion products for women.
The company releases more than 500 new styles every week and has over 12,000 designs available across its sales channels. The Newme app has surpassed 7 million downloads, and the firm currently operates 16 outlets across major Indian cities, including Bengaluru, Mumbai, New Delhi, Chandigarh, Pune and Hyderabad.
