GenZ Fashion Startup, Newme, Secures $5.4 Mn in Seed Funding

Newme, Secures $5.4 Mn in Seed Funding

• Newme, a fashion and apparel startup, was founded in 2022 by Sumit Jasoria, Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary. The company currently specializes in offering fashion wear for women in the age group of 16-24.

• Newme has successfully raised seed funding amounting to INR 45 Cr (approximately $5.4 Mn). The funding round was led by venture fund Fireside Ventures, and also saw participation from AUM Ventures, 2AM Ventures, and Allin Capital.

• The raised capital will be allocated across various functions within the company. This includes the development of the supply chain, team building initiatives, and the adoption of technology across different verticals.

• Newme has plans to enhance its offline presence by launching 30 to 40 stores in India within a year. The targeted locations for these stores include Pune, Delhi NCR, Chandigarh, Chennai, Kolkata, and Guwahati.

• The seed funding round was led by Fireside Ventures, a venture fund. Additionally, AUM Ventures, 2AM Ventures, and Allin Capital also participated in the funding, indicating confidence and support from a diverse set of investors.

• Sumit Jasoria, the CEO of Newme, shared insights into the allocation of funds. He mentioned that the capital would be deployed for the development of the supply chain, team expansion, and the integration of technology across different aspects of the business.

• Newme is specifically focused on catering to the fashion needs of Generation Z, as indicated by its offering of fashion wear tailored for women in the age group of 16-24.