Fast-fashion startup Virgio, supported by Prosus and valued at $161 million, is set to close down.
Fast-fashion venture Virgio, established by the ex-chief of Myntra, is ceasing its operations less than a year after securing funding at a valuation exceeding $160 million, as per two investor insiders acquainted with the matter.
"The fast-fashion label that you've grown to adore is no longer accessible," states Virgio on its website. Amar Nagaram, the founder and CEO of Virgio, expressed in a uniquely phrased LinkedIn post: "Never anticipated that we'd reach these junctures precisely a year after Virgio's inception," and labeled the decision as a "turning point" for the startup.
In December of the previous year, Virgio secured a $37 million Series A investment from backers including Prosus Ventures, Accel, and Alpha Wave Global. The startup announced that this funding round valued it at $161 million.
Nagaram did not respond to a request for comment on Saturday evening.
Virgio's proposition was that as consumer fashion preferences change, many find the current market offerings insufficient. The startup aimed to enhance its design, production, and procurement processes to more swiftly cater to Gen Z and older millennials. Virgio's product range offered a broad selection across casual, festive, and traditional categories, with new items added weekly.
According to data from mobile insight platform SensorTower, shared by an industry executive with TechCrunch, it had less than 30,000 daily active users.