Former Myntra CEO s Startup Virgio Secures 37 Mn In Series A Round
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The existing set of investors include Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal and more
Virgio, a fashion tech startup raises USD 37 million in Series A funding round co-led by Prosus Ventures, Accel and Alpha Wave. The funds will go towards further technology development and hiring.
Founded in 2022, Virgio aims to build a global fashion brand based in India. The existing set of 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.
“Traditionally, the fashion industry has operated on depth and discount models,” says Amar Nagaram, CEO and Founder of Virgio.
“There is a large underserved market for branded apparel in India currently. The fashion industry in India is thus at an inflexion point,” adds Ashutosh Sharma, Head of India Investments, Prosus Ventures.
“India has a robust manufacturing base and is one of the largest exporters of textiles globally; we believe the time is ripe for this group to rapidly adopt digital practices. We are excited to be early backers of Virgio, Amar and his team,” Subrata Mitra, Partner at Accel said.
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