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Women-focussed fast-fashion brand NEWME is in discussions with investors to raise $12 Mn (about INR 107.3 Cr) in its Series B funding round, sources told Inc42.
Existing investors Accel and Fireside Ventures will double down on their investments, while a new investor will join the startup’s board, the sources added.
“While it was last valued at $75 Mn, the new funding is expected to value NEWME at around $100 Mn to $120 Mn,” one of the sources said.
NEWME’s regulatory filings confirmed the development. While Accel and Fireside Ventures will participate in the funding round, New York-based investment firm Point72 Ventures will be the new investor joining the startup’s cap table.
With this investment, Accel and Fireside Ventures will have 17% and 19.2% stake, respectively, in the startup, while Point72 Ventures will own a 2.67% stake.
Queries sent to NEWME and Fireside Ventures didn’t elicit any response till the time of publishing this story. Meanwhile, Accel told Inc42 it won’t comment on “market speculations”.
Notably, NEWME also recently raised a debt of INR 7 Cr from Innoven Capital India Fund II and INR 6 Cr from Stride Ventures Debt Fund 3 by allotting non-convertible debentures.
Founded in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, NEWME sells women apparel, with a focus on Gen Z consumers. The startup releases 500+ fresh, trend-led designs every week and currently has 12,000+ styles live on its platform.
It claims to have a user base of 7 Mn+ customers. Besides its website, the startup sells its products via over 14 retail stores spread across Bengaluru, Hyderabad, Indore, Delhi NCR, Pune, Mumbai and Chandigarh.
In late 2024, the startup also jumped on the quick commerce bandwagon by launching NEWME Zip, offering 90-minute deliveries in Delhi and Bengaluru.
NEWME Zip is supported by a network of dark stores, zonal hubs and a real-time inventory engine to keep the right styles stocked near high-demand areas.
Since its inception, NEWME has raised total funding of nearly $25 Mn. It competes with the likes of OUTZIDR, KNOT, ZILO, H&M, Zara, among others.
According to Redseer, the fast-fashion segment is seeing one of the highest tractions in the Indian consumer market, which is expected to breach the $50 Bn mark by FY31.
The post Exclusive: NEWME To Raise $12 Mn From Point72 Ventures, Accel appeared first on Inc42 Media.
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