Existing investors, Fireside Ventures and AUM Ventures, also contributed to this latest round of funding. This financial boost comes after the company raised Rs 45 crore earlier this year, demonstrating significant investor confidence in Newme’s potential and vision.
The funds are earmarked for enhancing Newme’s omnichannel presence and further optimizing its technology-driven supply chain. This strategic investment is expected to cement Newme’s position in the competitive fashion tech market, ensuring it remains at the forefront of innovation and customer satisfaction.
Sumit Jasoria, Co-Founder and CEO of Newme, emphasized the company’s commitment to innovation in his statement: “We are dedicated to addressing the dual-fold challenge of design relevance and evolving shopping preferences with precision and insight. Our proprietary technology stack allows us to manage the supply chain efficiently while minimizing waste, and delivering the latest fashion trends swiftly and sustainably.”
Newme has experienced remarkable growth, reporting an 8-9x increase in revenue over the past 18 months. The company anticipates a further 3-4x growth in the upcoming year, showcasing its rapid rise in the fashion tech sector.
Founded in 2022, Newme currently operates six brand stores. The company has ambitious plans to expand its retail footprint, aiming to open 40-50 new stores across 20 key cities over the next 12-18 months. This expansion will include underserved regions such as Guwahati, Shillong, and Imphal, bringing Newme’s trendy and sustainable fashion closer to more consumers.
Newme’s swift ascent and continued expansion plans reflect its ability to tap into the preferences of Gen Z consumers, leveraging technology and a keen understanding of market trends to stay ahead in the competitive fashion industry.