FUNDING NATIONAL
BENGALURU, KARNATAKA, INDIA
By IFAB MEDIA - NEWS BUREAU - January 25, 2024 | 85 2 minutes read
Bengaluru's Newme secures $5.4 Million in seed funding led by Fireside Ventures to boost supply chain and expand presence.
Bengaluru-based fast fashion brand Newme has successfully raised $5.4 million (Rs 45 crore) in a seed funding round, with Fireside Ventures leading the investment. Aum Ventures, 2am VC, and All In Capital also participated in the funding round.
The freshly acquired funds are earmarked for strengthening the company's supply chain, scaling up manufacturing in India, expanding its offline presence from two to 20 cities with 1.5 lakh square feet of space, and building a robust technology team over the next 12 months.
Founded in 2022 by Sumit Jasoria, along with co-founders Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary, Newme operates as a real-time fashion firm based in Bengaluru, catering to Gen Z customers across India and Southeast Asia.
The Bengaluru-based startup currently sells its brand of clothing through both online and offline channels. Approximately 35% of the brand's apparel is manufactured in Mumbai, with the remainder produced in China. Newme aims to increase its local manufacturing to 50% in the near future.
Serving the Gen Z demographic—individuals born between the mid-to-late 1990s and the early 2010s—Newme reports having served over 3.5 lakh customers through its website and stores. The brand has successfully engaged students in around 300 colleges across 150 cities through campus ambassador programs.
With a claim of creating 500 designs per week, Newme maintains a curated collection, largely guided by technology and overseen by four designers.