Bengaluru-based fast fashion brand Newme has raised $5.4 million in a recent seed funding round spearheaded by Fireside Ventures. This influx of capital will be strategically allocated towards strengthening the brand’s supply chain, expanding manufacturing capabilities, and assembling a robust technology team. Newme envisions utilizing the funds to establish a formidable offline presence across 20 cities, encompassing an expansive 1.5 lakh square feet of space.
Founded by Shivam Tripathi, Sumit Jasoria, and Vinod Naik, Newme currently operates online and offline retail channels, offering its distinct clothing line. The startup secured an undisclosed funding round in November 2022, with contributions from notable investors like Aum Ventures, 2 am VC, and All In Capital.
Approximately 35% of Newme’s apparel is manufactured in Mumbai, while the remainder is sourced from China. Sumit Jasoria, one of the founders, revealed that the brand is working towards increasing the local manufacturing base to 50% shortly, underscoring Newme’s commitment to sustainable and ethical practices.
Newme boasts an impressive track record, having catered to over 3.5 lakh customers through its website and physical stores. The startup attributes its success to a strategic focus on engaging with the younger demographic, primarily students from around 300 colleges across 150 cities. Campus ambassador programs have played a pivotal role in building a loyal consumer base for Newme, aligning with the preferences and aspirations of the vibrant Gen Z audience.
With this recent injection of funds, Newme is poised to take the fast fashion industry by storm, not only by expanding its market presence but also by prioritizing sustainability in its supply chain. The investment reflects a broader trend of investors recognizing the potential of brands that marry style with ethical and eco-friendly practices, especially in the dynamic and conscious consumer landscape shaped by the younger generation. As Newme propels itself into the future, it sets a compelling example for the industry. It demonstrates that fast fashion can evolve responsibly, meeting the demands of fashion-forward consumers and those who prioritize sustainability.
