Uploaded on 27/12/22
Prosus Ventures, Accel, and Alpha Wave jointly led a $37 million Series A investment round for the fashion technology company Virgio at a time when the startup ecosystem is feeling the chill of the funding winter.
Amar Nagaram, the former CEO of Myntra, founded the startup with a focus on Gen-Z and late-millennials. The company said in a statement that it would use the funding to advance technology development and hiring.
Nagaram spent about seven years working for Flipkart before moving on to become the CEO of Myntra. Late in 2021, he left Myntra, and this year, he started a new business.
Virgio is supported by a number of angel investors, including Swiggy co-founder Sriharsha Majety, Cult.fit co-founder Mukesh Bansal, Cred founder Kunal Shah, Flipkart co-founder Binny Bansal, Ola co-founder Bhavish Agarwal, Meesho co-founder Vidit Aatrey, and Cred founder Kunal Shah.
According to the company, Virgio employs technology throughout the design, manufacturing, and purchasing processes to streamline the entire fashion lifecycle and enable a real-time fashion offering. The company intends to become a worldwide fashion brand with an Indian foundation.
The fashion industry has operated on Term Plan Calculator depth and discount models.
Virgio is the tech foundation, which
listens to evolving trends on social media
platforms and predicts the demand for each trend, Nagaram said. The information is fed into the supply chain to enable the trendiest, elegant and yet affordable line in near real-time, he said.