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Accel , an early investor in Indian e - commerce giants Flipkart and Myntra , is train a new fashion due east - Commerce Department bet in India even as rival intensifies with the recent enlargement of Mukesh Ambani ’s Ajio platform .
Accel is in innovative lecture to lead a $ 15 million to $ 20 million support round into Newme , an Indian truehearted - manner e - commercialism inauguration , according to four people familiar with the matter . The aim funding would value Newme , dub “ Shein for India ” by some angel , at around $ 83 million to $ 85 million post - money , one of the sources said .
The likely new backing comes just a week after Newme announced it had raised $ 5.4 million in seed funding led by Fireside Ventures .
Newme sells its own quickly changing wear line online and through offline channel , targeting India ’s Gen Z consumers with average order time value between $ 18 and $ 30 . The startup , founded in 2022 , claims to have served 350,000 client and declare oneself 500 new intention weekly at an middling price point of $ 10 .
Accel ’s interest comes after itpreviously backed Virgio , another Indian online manner retail merchant thatlater pivot .
The fast - mode e - commerce space has gained ground in India recently as local startup take intake from global fast - way trailblazer Zara , H&M and Uniqlo . Top player Flipkart leads the family but facesmounting rivalry from Ambani ’s Ajio , which has amassed about 30 % market share , agree to research firm Bernstein . E - commerce rival Amazon is also looking to build up its fast - fashion operation , according to job postings .
Shein , which was earlier banned by India , is place for a counter with a joint venture with Reliance , the two business firm said last class .
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Accel and Newme did n’t respond to a asking for comment .
