Genz focused fast fashion brand Newme has raised $5.4 million (Rs 45 crore) in a seed funding round led by Fireside Ventures.
The proceeds will be used to enhance its supply chain and ramp-up manufacturing, and build a technology team. It has plans to increase its offline presence in 20 cities with 1.5 lakh square feet of space.
Founded by Shivam Tripathi, Sumit Jasoria, Vinod Naik, the Bengaluru-based startup currently sells its own brand of clothing across both online and offline outlets. Previously, it had raised an undisclosed round from investors such as Aum Ventures, 2am VC and All In Capital in November 2022.
Currently, about 35% of the brand’s apparel base is manufactured in Mumbai and the rest in China. Jasoria said the brand is working on bringing the local base up to 50% in the near term.
Newme claims to have serviced over 3.5 lakh customers across its website and stores till date. The startup claims to have built its consumer base so far by appealing to students across about 300 colleges in 150 cities using campus ambassador programmes.