![newme founders grp pic (1)](https://img.etimg.com/thumb/msid-111828738,width-650,height-488,imgsize-159760,resizemode-75/newme-founders-grp-pic-1.jpg)
This marks another instance of new consumer brands that are building their platforms online and offline simultaneously getting venture fund interest. Omnichannel fashion brands like Rare Rabbit, The Pants Project, and Virat Kohli-backed Wrogn have raised venture funding in recent weeks.
Newme said it will use the new funds to widen its omnichannel presence, accelerate growth and invest in technology. Newme has six retail outlets currently but it will add another 40-50 retail stores over the next 12-18 months in 20 cities.
“This funding is a testament to the tremendous potential of our unique approach, which leverages technology to seamlessly bridge the gap between fashion and innovation,” said Sumit Jasoria, cofounder and CEO of Newme. “Our proprietary technology stack allows us to manage the supply chain efficiently while minimising waste and delivering the latest fashion trends swiftly and sustainably.”
According to the firm, over the past 18 months, it has witnessed a 8-9 times growth in revenue. It aims to grow 3-4 times this year.
“D2C brands are uniquely positioned to capitalise on India's retail sector, which is set to cross $2.2 trillion by 2030, leveraging omnichannel strategies,” said Anand Daniel, partner at Accel. “Newme has set the benchmark for customer obsession in the apparels category by integrating product innovation and data-driven market insights,” he said.
Discover the stories of your interest
A recent joint report by Accel, Fireside Ventures and market research firm Redseer said about 90% of the Indian retail market will remain offline even as it scales to $2.2 trillion in size by 2030.