Former Myntra CEO Amar Nagaram launched the fashion technology business Virgio, which has raised $37 million in a Series-A fundraising round.
Former Myntra CEO Amar Nagaram launched the fashion technology business Virgio, which has raised $37 million in a Series-A fundraising round co-led by Prosus Ventures, Alpha Wave and Accel. The funds will be used for recruiting and more technological advancement.
Prosus invested $10 million in Virgio last week as part of the ongoing funding round in exchange for a 6.25% ownership in the firm. AlphaWave invested about INR 60 crores or $7.25 million in the firm, while Accel India contributed an unspecified sum for a 16.29% share. The startup had a $100 million valuation at the time.
The startup is presently valued at $161 million, according to a Tech Crunch report. The fashion firm, established in 2022 by the former CEO of Myntra, Amar Nagaram, uses technology to design, automate and manufacture purchasing processes while streamlining the entire fashion lifecycle. The firm, which focuses on GenZ and millennials, enables designer’s to access customers ’ preferences in real-time and create in-fashion clothing and accessories.
Virgio’s CEO and founder, Amar Nagaram said that the fashion business has traditionally used discount and depth models to function.
Among the angel investors who took part in earlier rounds were Mukesh Bansal, Binny Bansal, Kunal Shah, Bhavish Aggarwal, Sriharsha Majety, Mekin Maheswari Vidit Aatrey and Sameer Nigam.
Virgio’s CEO and founder, Amar Nagaram said that the fashion business has traditionally used discount and depth models to function. Virgio is a leader in the test-and-scale methodology, bringing runway fashion to all consumers at an affordable price while removing excess inventory for manufacturers.
Virgio is developing a platform for fashion technology that will give designers real-time access to consumer preferences. A tech-driven network of factories is also being envisioned, allowing designers to scale up production fast after creating prototypes and receiving consumer feedback.
Ashutosh Sharma, Prosus Ventures’ Head of India Investments said that India currently has a big untapped market for branded clothing.
Ashutosh Sharma, Prosus Ventures’ Head of India Investments said that India currently has a big untapped market for branded clothing. For women, for instance, barely 25% of clothing is branded. He added that they have confidence in Virgio’s tech-first business approach and think their skilled founding team is aligned with the goals to seize a sizable opportunity in the country’s fashion sector.
According to Virgio, their approach has reduced the 8–10 month lead time to a month, and they have over 100,000 downloads for their app. It may be mentioned that Virgio presented more than 2,000 new styles at its Singles’ Day sale last month, which took place between November 11 and 13. Over 20,000 daily active users were added to the platform during the event, bringing the total to over 1 million new users.
Mitra said that they think that now is the ideal time for the group to quickly adopt digital methods, as we are emerging from the pandemic that has increased tech adoption worldwide.
India is one of the world’s top exporters of textiles, according to Accel Partner Subrata Mitra, and it has a strong manufacturing sector. Mitra further said that they think that now is the ideal time for the group to quickly adopt digital methods, as we are emerging from the pandemic that has increased tech adoption worldwide.
The fashion landscape in India is changing quickly as a new crop of fashion companies seek to establish themselves in the sector. These firms are ready to transform how people purchase, from D2C to social commerce, from online boutiques to cutting-edge new technology. By 2023, India’s fast fashion market, led by companies like Bewakoof.com, Zudio, Souled Store, and others, is expected to be worth $19 billion.
edited and proofread by nikita sharma
