Fast fashion brand Newme, with a specific focus on Generation Z consumers, has raised $5.4 million in a funding round led by Fireside Ventures and other investors.
Bolstering the Supply Chain and Expanding Presence
The funds raised will primarily be allocated to enhancing the supply chain, scaling up manufacturing within India, and expanding the brand’s offline presence from two to 20 cities, covering 1.5 lakh square feet of space.
Strengthening Technology Team and Increasing Local Manufacturing
Newme also aims to strengthen its technology team over the next 12 months, with a focus on increasing local manufacturing from 35% to 50%.
Targeting Gen Z Consumers with Tech-driven Approach
Founded in 2022 and based in Bengaluru, Newme has positioned itself as a Gen Z-focused brand, catering to individuals born between the mid-to-late 1990s and the early 2010s.
Tech-enabled Design Creation and Campus Ambassador Programs
The startup claims to have served over 3.5 lakh customers through its website and physical stores. Newme leverages technology and a team of four designers to create 500 designs per week. The brand utilizes campus ambassador programs to reach students in approximately 300 colleges across 150 cities.
Founding Team and Tech-driven Approach
The founding team of Newme includes Sumit Jasoria, Shivam Tripathi, Vinod Naik, and Himanshu Chaudhary. Sumit Jasoria, the CEO, emphasized that the fast fashion space is now as much a technology game as it is a fashion one. With his background in managing ecommerce ventures and expertise in fashion photography and AI-based image management, Jasoria believes in leveraging technology to stay competitive in the fast-paced fashion industry.