NewMe raises $18 million in Series A funding led by Accel

Apparel brand NewMe has raised $18 million in a Series A funding round, led by venture capital firm Accel. The business will use the investment to boost its omni-channel operations and optimise its tech-driven supply chain.

NewMe’s funding round also saw participation from existing investors including Fireside Ventures and Aum Ventures, the business announced in a press release on July 18. NewMe plans to launch between 40 and 50 new stores across 20 Indian cities over the coming 12 to 18 months, including in Guwahati, Shillong and Imphal.
 
“This funding is a testament to the tremendous potential of our unique approach, which leverages technology to seamlessly bridge the gap between fashion and innovation,” said NewMe’s co-founder and CEO Sumit Jasoria in a press release. “With this investment, we are well-positioned to accelerate our growth and empower a whole new generation of fashion-conscious consumers in India. 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 minimising waste and delivering the latest fashion trends swiftly and sustainably.”
 
Entrepreneurs Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary launched NewMe in 2022 to cater to Gen Z customers across India and Southeast Asia. The brand aims to harness technology to increase accessibility and affordability in fashion.
 
“D2C brands are uniquely positioned to capitalise on India’s retail sector, which is set to cross $2.2 trillion by 2030, leveraging omni-channel strategies,” said Anand Daniel. “NewMe has set the benchmark for customer obsession in the apparels category by integrating product innovation and data-driven market insights. We are excited to partner with NewMe on their journey to a leader in the fashion-tech industry in India.”