Fireside Ventures led a seed funding round for Genz-focused fast fashion brand Newme, which raised $5.4 million (about Rs 45 crore).
The money raised will be utilized to expand manufacturing, improve the supply chain, and assemble a technology team. With 1.5 lakh square feet of space, it intends to expand its offline presence in 20 cities.
The Bengaluru-based startup, founded by Shivam Tripathi, Sumit Jasoria, and Vinod Naik, presently sells its own line of clothes in both physical and online stores. In November 2022, it had previously raised an undisclosed round from investors including Aum Ventures, 2am VC, and All In Capital.
Presently, China accounts for the remaining portion of the brand’s apparel base, with Mumbai producing about 35% of it. According to Jasoria, the brand’s short-term goal is to increase the local base to 50%.
According to Newme, over 3.5 lakh customers have been served through its website and physical stores to date. The startup asserts that it has expanded its customer base thus far by leveraging campus ambassador programs to appeal to students at roughly 300 colleges spread across 150 cities.
