Fashion start-up Virgio raises $37 million in series A funding round

By

Maverick Martins

Published
Dec 19, 2022

Bengaluru-based fashion start-up Virgio has raised $37 million (Rs 306 crore) in a series A funding round led by Prosus Ventures, Accel, and Alpha Wave. 

The company will utilise the funds to improve its technology and strengthen its team across verticals.

Commenting on the funding, Amar Nagaram, CEO founder of Virgio in a statement said, “At the core of Virgio is the tech foundation, which is always listening to evolving trends on social media platforms and predicting the demand for each trend. This is then fed into our agile and responsive supply chain to enable the trendiest, elegant, and yet affordable line in near real-time. Thus, Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers.”

Ashutosh Sharma, head of India investments at Prosus Ventures added, “The fashion industry in India is at an inflection point, driven by changing consumer preferences because of social media’s influence, an important Gen-Z characteristic to individualize as a form of expression, and the integration of social commerce with social media platforms. We are confident in Virgio’s tech-first model and believe the start-up’s expert founding team is uniquely positioned to capture a large opportunity in India’s fashion industry.”

Virgio is being billed as an Indian version of Chinese fast fashion business Shein, which the Indian government previously banned in the country. The business is designed to harness technology to provide fast paced fashion trends for Gen Z shoppers with a consumer-to-manufacturing model.