Newme raises Rs 45 crore in seed funding from Fireplace Ventures, others
Newme, an reasonably priced Gen Z-focused style model has secured Rs 45 crore ($5.4 million) in seed funding led by enterprise fund Fireplace Ventures.
Newme raises Rs 45 crore in seed funding from Fireplace Ventures, others – Newme
AUM Ventures, 2AM Ventures, and Allin Capital additionally participated within the funding spherical.
The model will utilise the funds to boost its provide chain, crew growth, and expertise improvement throughout totally different verticals.
Moreover, a portion of the funds can be allotted in the direction of hiring key management roles to scale up operations.
Commenting on the funding, Sumit Jasoria in an announcement stated, “The startup’s before everything focus is to undertake expertise for scaling the enterprise. Additionally, it goals to work on its offline presence for growth throughout India.”
“We need to launch extra classes for girls, and as soon as we enhance our provide chain in India, we’ll begin engaged on providing style options for GenZ males as effectively. Nonetheless, we’ll take a look at it solely after 2-3 years,” he added.
Based in 2022 by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary, Newme launches over 500 designs each week focused on the Gen Z prospects in India and Southeast Asia.
The startup presently operates by means of an omnichannel method, with three bodily shops in Bengaluru and Mumbai, alongside its personal web site and cell software.
Copyright © 2024 FashionNetwork.com All rights reserved.
