Women-focused fast fashion brand Newme has begun its Series B funding round by raising Rs 108.66 crore (around $12 million). Existing investors Accel India and Fireside Ventures co-led the round, while new investor Point72 Ventures and others also joined.
Newme previously raised $18 million in a Series A round led by Accel in July last year.
The company’s board approved a special resolution to issue 3,447 Series B CCPS at Rs 3,15,231 per share, enabling it to raise the stated amount, according to its regulatory filing with the Registrar of Companies (RoC).
Accel India and Fireside Ventures will each invest Rs 36.94 crore ($4 million), while Point72 Ventures will contribute Rs 26.38 crore ($3 million). Additionally, AUM Ventures, 2am Ventures, and A. Paul SRC SPV V, LLC will invest the remaining amount.
According to the company’s analysis, Newme’s valuation will rise by 41% to Rs 988 crore ($112 million) from its previous Rs 700 crore valuation at the time of the Series A round.
Moreover, Newme—founded by Shivam Tripathi, Sumit Jasoria, Himanshu Chaudhary, and Vinod Naik—focuses on women-centric fast fashion for Gen Z shoppers through both online platforms and offline outlets. Its website notes that the Newme app has crossed 7 million downloads, and the brand currently operates 16 stores in cities such as Bengaluru, Mumbai, New Delhi, Chandigarh, Pune, and Hyderabad.
Startup data platform TheKredible states that Newme has raised over $23 million across two funding rounds, including its seed round in January 2024. After the latest investment, Fireside Ventures will become the largest external shareholder with 19.27%, followed by Accel India at 17.06%, while Point72 Ventures will hold 2.67%. The co-founders will retain a collective 31.45% ownership.
Financially, Newme recorded Rs 48.28 crore in operating revenue for FY24, along with a loss of Rs 35.75 crore. The company has not yet released its FY25 results.
In addition, the fast-fashion sector has seen strong investor interest recently. Quick-fashion delivery startup Slikk raised $10 million led by Nexus, D2C menswear brand Snitch secured $40 million to expand into quick commerce, and Mumbai-based KNOT also closed a funding round.
