Samreen Ahmad · · 1 min readEx-Myntra CEO’s fashion tech startup scoops up $37m in series A
Virgio, an India-based fashion tech startup, has raised US$37 million in a series A funding round co-led by Prosus Ventures, Accel, and Alpha Wave Global. The funds will go toward further tech development and hiring.
Photo credit: Virgio
Founded this year by former Myntra CEO Amar Nagaram, Virgio aims to build a global fashion brand out of India. It said it applies tech throughout the design, manufacturing, and purchasing process to enable its real-time fashion offering.
“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,” said Nagaram.
The data is then fed into its supply chain to create new clothing lines. “Virgio’s model has condensed the eight to 10-month lead time to just one month,” said the company. Its app has seen over 100,000 downloads so far.
The startup also claims to be working on sustainable practices to address waste issues associated with fast fashion.
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Editing by Miguel Cordon and Jaclyn Tiu
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