Bengaluru-headquartered fashion tech start-up VIRGIO  has raised $37 million in a Series A funding round led by Prosus Ventures, Alpha Wave and Accel. 

The company said in a statement that it would utilise the fresh capital in product development and hiring skilled staff. 

Founded by the ex-Myntra CEO Amar Nagaram in 2022, VIRGIO aims to leverage technology to design and manufacture products. The company eyes to influence Gen Z and the late millennials with its innovations. 

Talking about the latest development, Amar Nagaram said, “VIRGIO is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers while eliminating excess inventory for manufacturers." 

Addressing their decision to invest in VIRGIO, Ashutosh Sharma, head of India investments at Prosus Ventures Ventures, said, “The fashion industry in India is at an inflection point, driven by changing consumer preferences as a result of social media’s influence, an important Gen Z characteristic to individualize as a form of expression and the integration of social commerce with social media platforms.”

“We are confident in VIRGIO’s tech-first model and believe the startup’s expert founding team is uniquely positioned to capture a large opportunity in India’s fashion industry,” he added.

Backed by a clutch of investors that include Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, and Sameer Nigam, the company claims to bring sustainable practices in the industry and address the challenge of fashion-waste. Additionally, it wants to envision a tech-led network of factories for building prototypes and getting consumer production.