Accel eyes original India style e-commerce bet with Newme | TechCrunch – Techcrunch

Accel, an early investor in Indian e-commerce giants Flipkart and Myntra, is getting bright a original style e-commerce bet in India at the same time as competition intensifies with the recent enlargement of Mukesh Ambani’s Ajio platform.

Accel is in evolved talks to manual a $15-20 million funding spherical into Newme, an Indian immediate-style e-commerce startup, in accordance to four contributors accustomed to the topic. The proposed funding would designate Newme, dubbed “Shein for India” by some backers, at around $83-85 million put up-money, judicious one of many sources said.

The capacity original backing comes true per week after Newme introduced it had raised $5.4 million in seed funding led by Fireside Ventures.

Newme sells its bear all of a sudden-changing clothing traces online and thru offline channels, focused on India’s Gen Z shoppers with moderate present values between $18-30. The startup, founded in 2022, claims to bear served 350,000 potentialities and provide 500 original designs weekly at some extent out designate level of $10.

Accel’s hobby comes after it previously backed Virgio, one other Indian online style retailer later pivoted.

The brief-style e-commerce residence has received ground in India lately as native startups take inspiration from global immediate-style pioneers Zara, H&M and Uniqlo. Top participant Flipkart leads the category however faces mounting competition from Ambani’s Ajio, which has gathered about 30% market share, in accordance to research firm Bernstein. E-commerce rival Amazon is additionally taking a locate to accumulate its immediate-style operation, in accordance to job postings.

Shein, which was earlier banned by India, is field for a comeback with a joint mission with Reliance, the 2 corporations said final 300 and sixty five days.

Accel and Newme didn’t retort to a assign a question to for comment.