Housed under Ameyan Enterprises, Virgio is expected to be launched later this month. Virgio is a fast fashion platform with the target audience of Gen Z
Prosus Ventures is planning to join the funding round of Amar Nagaram’s new start-up, Virgio. Nagaram is the former Chief Executive Officer (CEO) of Flipkart-owned Myntra, who resigned from the company in December last year.
As per a report by The Economic Times, with the next funding round, Virgio is likely to be valued at $150-160 million. Housed under Ameyan Enterprises, Virgio is expected to be launched later this month. Virgio is a fast fashion platform with the target audience of Gen Z and its app is in the beta testing stage.
The start-up has finalized to raise $25 million to $30 million led by Alpha Wave and Accelhad. Notably, the start-up is planning to raise the funds in multiple tranches for Series A funding like Series A1, A2 and so on, as per the report. With Prosus Ventures funding, the round size is likely to be elevated by around $10 million. Mukesh Bansal, Myntra’s co-founder and owner of Cultfit is also an investor in the start-up.
Touted as the ‘Shein of India,’ Virgio will be competing with other online fashion retail brands like Myntra, AJIO, and Urbanic amongst others. Shein was amongst more than 300 Chinese apps that were banned by the Indian government in 2020 after the India-China Galwan Valley crash.
As global VC biggies raise their biggest India-centric funds this year and visibly lose interest in China, India's start-ups are gearing up to grab the gain
The company raised $50 million in the Series D funding round in May this year, at a valuation of $500 million led by the Asia fund of L Catterton, along with A91 Partners, Elevation Capital, and...