Fashion startup Newme raises $18-M Series A led by Accel

Fast fashion retailer NEWME has raised USD 18 million in a Series A equity round led by Accel India, along with existing investors Fireside Ventures and AUM Ventures.Founded in 2022 by Vinod Naik, Shivam Tripathi, Himanshu Chaudhary, and Sumit Jasoria, NEWME is one of the first digital-native fast fashion brand to foray into offline expansion and focus on omnichannel presence. It opened its first retail store in Bengaluru in July 2023.The company will use the new funds for offline expansion, optimising its supply chain and building an omnichannel presence. It is also planning to open 40-50 stores across 20 key cities, including key markets in North-east India, over the next 12-18 months.