NewMe eyes 40% revenue from offline business; to open 75 stores by FY26
To boost revenues from offline operations to 40 per cent, Gen Z-focused online-first brand, NewMe plans to open 75 stores by FY26, as per SumitJasoria, Co-founder.
Of these, the brand aims to open 20 stores by this fiscal end. These stores will contribute to 25 per cent of the brand’s revenue for this year.
Currently operating five stores; two in Bengaluru, one each in Hyderabad, Mumbai and Chandigarh, the brand aims to open an outlet in all the premium malls of India.
It plans to set up an offline presence in top 20 cities of the country with the top 10 cities contributing to almost 35 per cent of its business.
Each of the brand’s stores will span across 3,000 to 4,000 sqft and they will opened with a CAPEX of Rs 2,500 per sq ft.
The brand has so far secured Rs 45 crore in seed funding led by venture fund Fireside Ventures. The funding round was also attended by AUM Ventures, 2AM Ventures, and AllinCapital. It will use these funds to expand its retail network and strengthen supply chain and technology, says Jasoria.
Having closed the last fiscal at Rs 80 crore, the brand aims to grow by four-five times this fiscal year.
