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Accel leads $18 million funding in omnichannel fashion brand Newme

Economic Times

Economic Times · 1y ago

Newme, an omnichannel fashion brand targeting new-generation consumers, has secured $18 million in a funding round led by Accel. The funding will be used to expand its omnichannel presence, drive growth, and invest in technology. Newme plans to open 40-50 new retail stores in 20 cities over the next 12-18 months. With a focus on integrating technology to bridge the gap between fashion and innovation, Newme has experienced significant revenue growth and aims to continue growing this year. The Indian retail market, projected to reach $2.2 trillion by 2030, offers vast opportunities for omnichannel strategies.

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Tech-first VCs line up for new-age consumer firms

Economic Times

Economic Times · 1y ago

Tech-first VCs line up for new-age consumer firms

Nexus Venture Partners, known for its expertise in SaaS, is set to lead a $5 million funding round in specialty coffee brand AbCoffee. This investment will triple the coffee brand's valuation to around $15 million in less than six months. Nexus also plans to invest in lab-grown diamond maker Aukera. Accel, an early investor in Flipkart, is also closing a $12 million round in fast fashion brand Newme. These investments reflect the growing interest of venture capital firms in new-age consumer brands with offline presence.

Fast Fashion brand Newme to raise $12 Mn at $112 Mn valuation

Entrackr

Entrackr · 23d ago

Women-focused fast fashion brand Newme has kicked off a Series B round with Rs 108.66 crore (approximately $12 million) co-led by existing investors Accel India, Fireside Ventures, and with the participation of new investor Point72 Ventures and others. Newme had secured $18 million in a Series A round led by Accel in July last year. The Newme’s board passed a special resolution to issue 3,447 Series B CCPS at an issuance price of Rs 3,15,231 per share to raise the amount as mentioned earlier, 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 join the captable with Rs 26.38 crore ($3 million). AUM Ventures, 2am Ventures, and A, Paul SRC SPV V, LLC will contribute the remaining amount. According to Entrackr’s analysis, the D2C firm’s valuation is set to rise by about 41% to Rs 988 crore ($112 million), compared to its earlier valuation of Rs 700 crore during the Series A funding round. Founded by Shivam Tripathi, Sumit Jasoria, Himanshu Chaudhary, and Vinod Naik, the Bengaluru-based startup sells women-centric products targeting Gen Z, across both online channels and offline stores. According to its website, the company’s app has more than 7 million downloads, and it operates 16 offline outlets across cities, including Bengaluru, Mumbai, New Delhi, Chandigarh, Pune, and Hyderabad, among others. According to startup data intelligence platform TheKredible, Newme has raised over $23 million across two funding rounds, including its seed round in January 2024. Following the latest infusion, Fireside Ventures will become the largest external shareholder with a 19.27% stake, followed by Accel India at 17.06%, while new investor Point72 Ventures will hold 2.67%. The company’s co-founders will collectively retain 31.45% ownership. Financially, Newme reported Rs 48.28 crore in operating revenue for the fiscal year ended March 2024, with a loss of Rs 35.75 crore. The company has yet to disclose its FY25 financials.

Fast fashion brand Newme raises $5 million in funding round led by Fireside

Economic Times

Economic Times · 1y ago

Fast fashion brand Newme has secured $5.4 million in a seed funding round led by Fireside Ventures. The Bengaluru-based startup, founded in 2022, sells its own brand of clothing online and offline. The funding will be used to enhance the supply chain, scale up manufacturing, expand to 20 cities, and build a stronger technology team. Currently, 35% of the brand's apparel is manufactured in India, with plans to increase that to 50%. Newme has catered to over 3.5 lakh customers and plans to open stores in Chandigarh and Jaipur.

Fast fashion brand Newme launches 60-minute delivery service in Bengaluru

Economic Times

Economic Times · 6m ago

Fast fashion brand Newme has launched a 60-minute delivery service, Newme Zip, in Bengaluru, following its success in Delhi. Catering to Gen Z customers seeking current styles and fast access, Newme offers over 1,500 fashion styles through a network of dark stores. The company plans to expand this rapid service to Mumbai and Hyderabad soon. Quick delivery is emerging as a trend, with platforms like Myntra also offering expedited services in the fashion industry.

Libas raises $18 Mn in maiden external round from ICICI Venture’s fund

Entrackr

Entrackr · 1y ago

Libas raises $18 Mn in maiden external round from ICICI Venture’s fund

Fast fashion omnichannel ethnic wear brand Libas has raised Rs 150 crore ($18 million) by IAF Series 5, a fund managed by ICICI Venture. This is the first external funding round for the decade-old company. Libas will strengthen its omni-channel presence and ramp up its exclusive brand and retail outlets across key metros and tier I, II, and III cities over the next few years, the company said in a press release. Libas also plans to leverage its brand, design capabilities, technology infrastructure, and supply chain network across channels to create the omnichannel business. Led by Sidhant Keshwani, Libas offers ethnic wear and comfortable fusion silhouettes with an online presence on platforms such as Flipkart and Myntra, alongside offline presence through EBOs, large format stores and multi-brand outlets. It solely focuses on women’s fashion. According to the Delhi-based company, a significant portion of the revenue comes from the brand’s own D2C channels. Recently, the brand announced Bollywood actress Kiara Advani as its brand ambassador. Libas claims that it crossed Rs 500 crore revenue mark in FY24 and the projection seems pretty much feasible as the firm posted Rs 365 crore in operating revenue in the fiscal year ending March 2023. During the same period, its profit stood at Rs 13.8 crore. Several fast fashion brands have raised funds in the past couple of years. The list counts Newme, DSLR, French Crown and Virgio, a startup launched by former Myntra’s CEO Amar Nagaram. As per a media report, Virgio was planning to return most of the capital it raised from the investors after a failed pivot.

ICICI Venture bets on fast fashion brand Libas

VCCircle

VCCircle · 1y ago

ICICI Venture, the private equity arm of ICICI Bank, has invested Rs 150 crore ($18 million) in fast fashion brand Libas. The funding will be used to strengthen Libas' omni-channel presence and expand its brand and retail outlets across key cities. Libas, which started in 1985 and rebranded as a direct-to-consumer fast fashion brand in 2014, offers ethnic wear and fusion silhouettes for modern Indian women. The company generated over Rs 500 crore in revenue during FY24 and has a presence on e-commerce platforms like Flipkart and Myntra.

Fashion brand Outzidr raises $3.1 Mn led by RTP Global

Entrackr

Entrackr · 4m ago

Fashion brand Outzidr raises $3.1 Mn led by RTP Global Co-founded in 2024 by Nirmal Jain, Mani Kant Mani, and Justin Mario, Outzidr is a digital-first fashion brand offering on-trend western wear for Indian women aged 18–28. The Bengaluru-based startup has raised Rs 27 crore (around $3.1 million) in a pre-Series A round led by RTP Global along with participation from existing investor Stellaris Venture Partners. Outzidr, a fashion brand built for Gen Z women, had previously raised Rs 30 crore (around $3.5 million) in a seed round led by Stellaris Venture Partners. The proceeds will be utilized for the next phase of growth, including the launch of its first exclusive offline store by March 2026 and expansion of its design, operations, and technology teams. Outzidr launches up to 2,000 new styles every month, or 500 every week, through its own D2C platform and leading marketplaces like Ajio, Myntra, and Nykaa Fashion. “Outzidr represents the energy of a new generation — fast-paced, fresh, and fearless,” said Nirmal Jain, Co-founder and CEO of Outzidr. “We’re building a brand that listens, learns, and reacts in real time. This fundraiser is a strong validation of our mission to become the everyday fashion choice for Gen Z women — and of the incredible team and opportunity we’re building for.” According to market research, India’s fast fashion market is currently valued at around $10 billion and is projected to surge to over $50 billion by FY 31, growing at a ~30% CAGR. In just five months, the brand claims to have gained more than 100,000 customers. It primarily competes with other notable players in this space such as NEWME, Zudio, and Style Union.

Former Brand Factory CEO Vishnu Prasad’s fashion startup Absolute Brands raises $2.5 Mn

Inc42 · 2y ago

Fashion and lifestyle startup Absolute Brands has raised $2.5 million in a seed funding round led by Capstone Ventures, with participation from angel investors. The funds will be used to establish offline retail stores for their first brand, Big Hello, and for technological innovation to develop an omnichannel presence. Absolute Brands aims to launch multiple apparel brands to address Indian customers' unmet needs and plans to expand its physical presence to 500 retail stores across India in the next three years. The fashion and apparel market in India is expected to grow to $112 billion by 2030.

ETtech Deals Digest: Startup funding plunges 28% on-year to $210 million this week

Economic Times

Economic Times · 1y ago

ETtech Deals Digest: Startup funding plunges 28% on-year to $210 million this week

Startups raised $210.4 million in funding during the third week of July, which is a 28.2% decrease compared to the same period last year. However, it represents a significant increase of 200.6% compared to the previous week's funding total of $70 million. The biggest funding round of the week was led by Peak XV Partners, raising $60 million for blockchain-based clearing and settlement network Partior. Other notable deals include Auxilo Finserve raising $33.4 million, BluSmart securing $24 million, Lenskart's founders investing $20 million, Newme raising $18 million, and Namma Yatri securing $11 million in its maiden funding round.

VCs warm up to quick-fashion delivery startups as Knot, Zulu Club raise fresh capital - The Economic Times

Economic Times

Economic Times · 5m ago

VCs warm up to quick-fashion delivery startups as Knot, Zulu Club raise fresh capital - The Economic Times

Venture capital is significantly increasing in the quick-fashion delivery sector, with startups like Knot and Zulu Club attracting early-stage investments. Driven by event-focused, social media-influenced shopping habits, platforms like Slikk, Snitch, and Newme are innovating fast delivery in fashion commerce. Knot recently raised $3 million to expand operations, while Zulu Club secured $250,000. These trends highlight the evolving consumer demand for rapid fashion delivery and tight curation, especially among Gen Z.

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