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Accel eyes new India fashion e-commerce bet with Newme
Accel, an early investor in Indian e-commerce giants Flipkart and Myntra, is preparing a new fashion e-commerce bet in India even as competition Accel is in advanced talks to lead a $15-20 million funding round into Newme, an Indian fast-fashion e-commerce startup.
Accel is in advanced talks to lead a $15-20 million funding round into Newme, an Indian fast-fashion e-commerce startup, according to four people familiar with the matter. Newme sells its own rapidly-changing clothing lines online and through offline channels, targeting India’s Gen Z consumers with average order values between $18-30. Top player Flipkart leads the category but faces mounting competition from Ambani’s Ajio, which has amassed about 30% market share, according to research firm Bernstein.
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