Sportswear brand NewMe has raised US $ 18 million in a Series A fundraising round led by Accel Venture Capital. The money will be used to enhance its technology-driven supply chain and omni-channel operations.
NewMe declared on 18th July that their latest funding round, which comprised participation from existing investors like Fireside Ventures and Aum Ventures, will support their growth plans. Over the subsequent 12 to 18 months, NewMe plans to inaugurate 40 to 50 new stores across 20 cities in India, comprising Guwahati, Shillong, and Imphal.
Sumit Jasoria, co-founder and CEO of NewMe shared, “This funding is a validation of our novel approach, leveraging technology to link fashion and innovation effortlessly. “
“Through this investment, we are well-set to hasten our growth and empower an entire new generation of fashion-conscious consumers in India. We are committed to dealing with design relevance and shifting shopping preferences with accuracy, aided by their proprietary technology stack that improves supply chain efficiency, cuts down waste, and delivers the newest fashion trends quickly and sustainably.”
Established in 2022 by Sumit Jasoria, Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary, NewMe targets Gen Z consumers in India and Southeast Asia, striving to democratise fashion through technological improvements.
