Fashion tech startup Virgio raises $37M in Series A funding round

By Sujata Sangwan
December 16, 2022, Updated on : Tue Dec 20 2022 06:24:43 GMT+0000
Fashion tech startup Virgio raises $37M in Series A funding round
The funding round was led by Prosus Ventures, Accel, and Alpha Wave. The funds will be used for technology development and hiring.
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Bengaluru-based fashion tech startup Virgio has raised $37 million in a Series A funding round led by Prosus Ventures, Accel, and Alpha Wave. 


The funds will go towards technology development and hiring, the company said in a statement.


Virgio, which was founded in 2022 by former Myntra CEO Amar Nagaram, uses technology throughout the design, manufacturing and purchasing process in an effort to streamline the entire fashion lifecycle. The fashion startup is focused on Gen Z and late millennials.

virgio
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“Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers," said Amar, CEO and Founder of Virgio.


Virgio is also envisioning a tech-led network of factories to enable designers to quickly build prototypes, get consumer feedback, and scale up production. Its app, available for Android and iOS users, uses technology to showcase trends and styles in an interactive mode.


Looking ahead, Virgio aims to bring in sustainable practices to address the challenge of fashion waste.  


Ashutosh Sharma, Head of India Investments, Prosus Ventures, believes the fashion startup’s founding team is "uniquely positioned to capture a large opportunity" in India’s fashion industry.


Virgo’s previous angel investors include Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, Mekin Maheswari, Sameer Nigam, Reddy Ventures, and Viko Ventures.


Edited by Kanishk Singh