Indian fast-fashion startup Virgio has secured US$37 million in its series A funding, taking its value to approximately $161 million within a year.
The funding round was led by Prosus Ventures, Alpha Wave Global and Accel. According to a statement by Prosus, the funds raised will be used for technology development and hiring.
Virgo was founded by Myntra’s former CEO Amar Nagaram with an ambition to create a global fashion brand out of India. Technologies are applied from the design, and manufacturing to the purchasing process to streamline the entire fashion lifecycle and enable a real-time fashion offering.
“Traditionally, the fashion industry has operated on depth and discount models,” said Amar Nagaram, CEO and founder of Virgio. “At the core of Virgio is the tech foundation, which is always listening to evolving trends on social media platforms and predicting the demand for each trend. This is then fed into our agile and responsive supply chain to enable the trendiest, elegant and yet affordable line in near real-time.”
Since its launch, the app has recorded more than 100,000 downloads. The platform currently has about 20,000 daily active users. Virgio was described as the Indian version of the controversial fast-fashion giant Shein.
“Virgio can be the change bearer and with its background, it also understands Gen Z & millennial consumers to be able to provide a new, real-time way to shop for fashion,” said Subrata Mitra, partner at Accel.
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