Accel leads $18 million funding in omnichannel fashion brand Newme
Newme, an omnichannel fashion brand focused on new-gen customers, has raised $18 million in a funding round led by US venture capital firm Accel along with participation from existing investors including Fireside Ventures and AUM Ventures.
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.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMIT xPROMIT Technology Leadership and InnovationVisitNewme 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.
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“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
