Newme Raises $18 Million in Series A Funding to Expand Omnichannel Presence

The long-term goal of the company is to expand its business into 20 major cities, opening more than 40 outlets

Bengaluru-based fast-fashion startup Neume has raised $18 million in a Series A funding round led by Accel. The funding round involved participation from already existing investors Fireside Ventures, and AUM Ventures. It follows a $5.4 million raised in early January with an undisclosed round after last November.

Founded by Shivam Tripathi, Sumit Jasoria, and Vinod Nayak, Newme specializes in Gen-Z-focused, self-branded clothing available online as well as through physical outlets. With the newly raised fund, the company aims to enhance its multi-channel business and improve its supply channel technology. Newme saw rapid growth after setting up its first retail store in Bangalore last year. The business expanded to launch six outlets in five new cities. The long-term goal of the company is to expand its business into 20 major cities, including Guwahati, Shillong, and Imphal, opening more than 40 outlets. Over the past 18 months, Newme has demonstrated major growth with a nine-fold increase in its profit. In 2024 alone, the company is expecting a three-fold growth rate, backed by its rapid expansion plan and increasing customer demand.

The new funding raised by the company is testament to the growing confidence of the investors in the fast fashion business, which has cultivated overwhelming profit in the past years. Generating more success and revenue along global lines, while addressing local demands and preferences remains the goal of Newme as it enters the competitive fashion market of India.