Ameyam Enterprises' fashion startup Virgio raises funds ahead of app launch

By

Isabelle Crossley

Published
Sep 6, 2022

Ameyam Enterprises' fashion startup Virgio is in the process of raising funds ahead of its shopping app launch and venture investment business Prosus Ventures is in advanced talks to invest in the new business. 

The fast fashion business, which was founded by Myntra’s former CEO Amar Nagaram, is expected to formally launch this September, ET Bureau reported. If Prosus Ventures goes through with its investment in Virgio, the business could achieve a valuation of between $150 million and $160 million. 
 
“The first round is structured in multiple tranches like series A1, A2, and so on,” an anonymous source close to the matter told ET Tech. “Prosus Ventures is in the last leg of signing the deal. While the platform will be launched soon, it’s fetched a valuation of over $150 million with [the] Prosus round.”

Virgio is being billed as an Indian version of Chinese fast fashion business Shein, which the Indian government previously banned in the country, said the source. The business is designed to harness technology to provide fast paced fashion trends for Gen Z shoppers with a consumer-to-manufacturing model. “Virgio app stands for the dawn of a new brand of social commerce,” wrote the business on its website.