Former Myntra CEO Amar Nagaram’s startup Virgio raises $37 mn in Series A funding
- ByStartupStory | December 16, 2022
Former Myntra CEO Amar Nagaram’s startup Virgio has raised $37 mn in Series A round. The funding was led by Prosus Ventures, Accel and Alpha Wave. The company is planning to use the fund for further technology development and hiring. Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavish Aggarwal, Vidit Aatrey, Sriharsha Majety, Mekin Maheswari and Sameer Nigam are among the angel investors who participated.
“Traditionally, the fashion industry has operated on depth and discount models,” said Amar Nagaram, CEO and Founder of Virgio. “Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers.”
“There is a large underserved market for branded apparel in India currently. For example, for women, only 25 percent of fashion is branded apparel,” said Ashutosh Sharma, Head of India Investments, Prosus Ventures. “We are confident in Virgio’s tech-first model and believe the startup’s expert founding team is uniquely positioned to capture a large opportunity in India’s fashion industry.”
Virgio is creating a fashion tech platform for the designers to access consumer preferences in real time. It is also focusing on a tech-led network of factories that will enable designers to build prototypes, get consumer feedback, and scale up production more fastly. It was founded in 2022 and uses technology throughout the design, manufacturing and purchasing processes, to streamline the entire fashion lifecycle and enable real-time offerings. The firm is focused on Gen-Z and late Millennials.
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