Virgio raises $37 Mn co-led by Prosus, Alpha Wave and Accel

Fashion platform Virgio has raised $37 million in a new round co-led by Prosus Ventures, Alpha Wave Partner, and Accel Partners.

The company said it will use the fresh capital to invest further in technology and hire new people.

Entrackr had exclusively reported about the ongoing round on November 1. Virgio has raised funds in multiple tranches in the Series A round and is now valued at around $160 million.

Founded by former Myntra chief executive Amar Nagaram in February 2022, Virgio will connect designers and manufacturers to create a fashion ecosystem. According to reports, it’s likely to evangelize the consumer-to-manufacturing model.

Virgio is likely to be on the lines of Shein which has become a successful fashion brand in the global markets including the US and the Middle East. As per the company’s website, it looks similar to Chinese fashion retailer Shein, which was banned in India in 2020. 

Virgio offers casual, partywear, loungewear, sportswear, and ethnic clothing for both Men and Women. The Bengaluru-based company recently opened its platform to consumers and its app has been downloaded over 100,000 times. It claims to have 20,000 daily active users.