NEWME: Revolutionizing Gen Z Fashion with $18 Million Investment

“NEWME, a fashion brand catering to Gen Z women, announced a successful $18 million funding round led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. This round follows a $5 million seed funding six months ago, as disclosed by the company on July 18.

Accel, renowned for its early support of Flipkart, which yielded significant returns, led the investment. The funding will bolster NEWME’s omnichannel expansion and enhance its supply-chain technology.

“We are committed to addressing the challenges of design relevance and changing shopping behaviors with precision and insight. Our proprietary technology enables efficient supply chain management, minimizes waste, and delivers the latest fashion trends sustainably,” said NEWME co-founder and CEO Sumit Jasoria.

This funding arrives amidst a growing focus on Gen Z consumers by new-age companies. In April, Lyskraft, founded by Mukesh Bansal and Mohit Gupta, raised $26 million from Peak XV Partners and others. Major players like Flipkart and Myntra are also enhancing offerings for this experimental and affluent demographic.

NEWME plans to expand its footprint with 40-50 stores across 20 key cities, including Guwahati, Shillong, and Imphal in the Northeast, over the next 12-18 months, up from its current six stores.

In addition to Accel, Allin Capital and 2 AM Ventures, an early investor in Zepto, also support NEWME.

“D2C brands are uniquely positioned to capitalize on India’s burgeoning retail sector, projected to exceed $2.2 trillion by 2030, through omnichannel strategies. We look forward to supporting NEWME as they strive to lead the fashion-tech industry in India,” commented Anand Daniel, Partner at Accel.”