CosmicTaco

NEWME Raises $18 Million to Expand Omnichannel Presence

CosmicTaco · 2024-07-18T13:08:06.961362+05:30

- NEWME, a fashion brand for Gen Z women, has secured $18 million in a funding round led by Accel, with participation from Fireside Ventures and AUM Ventures. - The capital will be used to enhance the company's omnichannel presence and improve its supply-chain technology, according to CEO Sumit Jasoria. - NEWME plans to open 40-50 stores in 20 key cities, including Guwahati, Shillong, and Imphal, over the next 12-18 months. - The funding comes as more companies focus on the Gen Z market, with competitors like Lyskraft and major players like Flipkart and Myntra also targeting this demographic. - Accel's Anand Daniel highlighted the potential of D2C brands in India's retail sector, which is projected to reach $2.2 trillion by 2030. Source: Moneycontrol - tinyurl.com/29nkuujy

NEWME, a fashion brand for Gen Z women, has secured $18 million in a funding round led by Accel, with participation from Fireside Ventures and AUM Ventures.
The capital will be used to enhance the company's omnichannel presence and improve its supply-chain technology, according to CEO Sumit Jasoria.
NEWME plans to open 40-50 stores in 20 key cities, including Guwahati, Shillong, and Imphal, over the next 12-18 months.
The funding comes as more companies focus on the Gen Z market, with competitors like Lyskraft and major players like Flipkart and Myntra also targeting this demographic.
Accel's Anand Daniel highlighted the potential of D2C brands in India's retail sector, which is projected to reach $2.2 trillion by 2030.

Source: Moneycontrol - tinyurl.com/29nkuujy