New fundraising valued at $161 million for the fashion firm Virgio, led by the former CEO of Myntra
Amar Nagaram, the former CEO of Myntra and co-founder of the fashion startup Virgio, has raised $37 million in a new round of funding as the company seeks to establish "a global fashion brand" in the South Asian market. The Series A fundraising for Virgio was co-led by Prosus Ventures, Alpha Wave, and Accel, who valued the one-year-old firm at $161 million (post-money). (Virgio claims to have been established this year, but hasn't made the seed investment round public.)
According to Virgio, consumers' tastes in fashion are fast evolving and they are dissatisfied with the products being offered by the market leaders. It is seeking to address this by providing Gen Z and late millennials with a platform where consumers can find and buy the newest trendy apparels by streamlining design, manufacturing, and purchasing processes in "real-time."
Virgio has a large collection of ethnic, party, and casual clothing. It expands its range every week, offering customers huge discounts and free shipping.
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