Accel, an early investor in Indian e-commerce giants Flipkart and Myntra, is making ready a brand new style e-commerce wager in India at the same time as competitors intensifies with the latest enlargement of Mukesh Ambani’s Ajio platform.

Accel is in superior talks to steer a $15-20 million funding spherical into Newme, an Indian fast-fashion e-commerce startup, based on 4 folks aware of the matter. The proposed funding would worth Newme, dubbed “Shein for India” by some backers, at round $83-85 million post-money, one of many sources mentioned.

The potential new backing comes only a week after Newme introduced it had raised $5.4 million in seed funding led by Hearth Ventures.

Newme sells its personal rapidly-changing clothes traces on-line and thru offline channels, concentrating on India’s Gen Z shoppers with common order values between $18-30. The startup, based in 2022, claims to have served 350,000 prospects and provide 500 new designs weekly at a mean worth level of $10.

Accel’s curiosity comes after it beforehand backed Virgio, one other Indian on-line style retailer later pivoted.

The fast-fashion e-commerce area has gained floor in India lately as native startups take inspiration from international fast-fashion pioneers Zara, H&M and Uniqlo. Prime participant Flipkart leads the class however faces mounting competitors from Ambani’s Ajio, which has amassed about 30% market share, based on analysis agency Bernstein. E-commerce rival Amazon can be trying to construct up its fast-fashion operation, based on job postings.

Shein, which was earlier banned by India, is ready for a comeback with a three way partnership with Reliance, the 2 corporations mentioned final yr.

Accel and Newme didn’t reply to a request for remark.