Newme, Gen-z centred in quick fashion brand has lifted $18 million Funding in its Series A round directed by Accel with support from existing financial backers including Fireside Ventures and AUM Ventures.

The Bengaluru-based start-up had bagged $5.4 million in the month of January this year. It additionally raised an undisclosed capital from unmade round from financial backers, for example, Aum Ventures, 2am VC and All In Capital in November 2022.

Newme will use new raised funds to grow its omnichannel presence and reinforce store network innovation, the organization said in an official statement.

Established by Shivam Tripathi, Sumit Jasoria, Vinod Naik, Newme at present sells self-marked clothing across both on the online and offline outlets.

Newme opened its first retail shop in Bengaluru in July last year and has extended to 5 new urban cities with 6 retail outlets.

In the following 12-18 months, Newme expects to open 40-50 stores across 20 key urban cities, including underserved locales like Guwahati, Shillong and Imphal.

Throughout recent months, the organization professes to have seen around 9X development in income and has projected something like three-overlap development this year.

Quick fashion brands have had the option to corner decent funding in the recent days. In essence, Omni channel ethnic wear brand Libas brought $18 million up in its maiden funding round.

Other eminent names are DSLR, French Crown and Virgio. It’s critical to take note of that the fast fashion space drawing in funding cash is certainly not another peculiarity.

During 2012-17, financial backers supported a few fast fashion organizations including Zovi, Freecultr, Voonik, and YepMe among others however at least not a single one of them made do against the Western brands, which actually partake in major areas of strength for an in the country.

By the by, there is certainly a scope for building an organization like Shein which transformed into a behemoth. Furthermore, it would be invigorating to see whether such an organization will be worked from business behemoths like Reliance, Tata and Birla, or forthcoming and existing start-ups in the space.