Former Myntra chief’s fashion startup Virgio valued at $161 million in new funding
Fashion startup Virgio, co-founded by Amar Nagaram, former chief executive of Myntra, has raised $37 million in a new financing round as the young firm looks to build “a global fashion brand” from the South Asian market.
Prosus Ventures, Alpha Wave and Accel co-led Virgio’s Series A funding, valuing the one-year-old startup at $161 million (post-money). (Virgio says it was founded this year, but hasn’t disclosed its seed funding round.)
Virgio says consumers’ fashion preferences are changing rapidly and they are not satisfied with the incumbents’ offerings. It is attempting to solve this by streamlining design, manufacturing and purchasing processes in “real-time,” offering Gen-Z and late millennials a platform where they can discover and purchase the new trendy apparels.
Virgio offers a wide-range of selection in casual, party and ethnic wear. Each week it adds new selections and customers receive large discounts and free shipping.
The startup’s approach has prompted some to draw comparisons between its model with that of the behemoth…