Tech-Driven Fashion Startup Newme Secures $5.4 Million in Seed Funding To Boost Supply Chain, Offline Footprint
Newme, a Bengaluru-based fast fashion brand focusing on Gen Z, has made headlines by raising $5.4 million (Rs 45 crore) in a seed funding round led by Fireside Ventures. The funding round also saw participation from Aum Ventures, 2am VC, and All In Capital.
As per the startup, the freshly raised funds will be used to enhance its supply chain and scale up the manufacturing in the country. The startup also plans to go from two to 20 cities in its offline play with 1.5 lakh square feet of space and build a stronger technology team over the course of the coming 12 months.
Newme | Fashion Firm Serving Gen Z
Founded by Sumit Jasoria, along with co-founders Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary, in 2022, Newme is a Bengaluru-based real-time fashion firm serving Gen Z across India and South East Asia.
Currently, the Bengaluru-based fast fashion startup sells its own brand of clothing across both online and offline outlets. As per the startup, about 35% of the brand’s apparel base is manufactured in Mumbai and the rest in China. It aims to bring the local base up to 50% in the near term.
Newme, which caters to Gen Z – those born between the mid-to-late 1990s and the early 2010s, claims to have serviced over 3.5 lakh customers across its website and stores till date. As per the brand, it has largely built its consumer base by appealing to students across about 300 colleges in 150 cities using campus ambassador programmes.
The brand also claims to create 500 designs per week, changing a curated collection, largely using technology that is guided by four designers.
As per Jasoria, today, the fast fashion space has become less a fashion game and more a technology game. He highlighted that the startup currently retails its apparel at an average price point of Rs 900, with its average billing value coming to about Rs 1,500 online and Rs 2,500 offline.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.