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Trend startup Virgio, co-founded by Amar Nagaram, former chief govt of Myntra, has raised $37 million in a brand new financing spherical because the younger agency seems to be to construct “a world vogue model” from the South Asian market.
Prosus Ventures, Alpha Wave and Accel co-led Virgio’s Sequence A funding, valuing the one-year-old startup at $161 million (post-money). (Virgio says it was based this yr, however hasn’t disclosed its seed funding spherical.)
Virgio says customers’ vogue preferences are altering quickly and they don’t seem to be happy with the incumbents’ choices. It’s trying to unravel this by streamlining design, manufacturing and buying processes in “real-time,” providing Gen-Z and late millennials a platform the place they will uncover and buy the brand new fashionable apparels.
Virgio presents a wide-range of choice in informal, get together and ethnic put on. Every week it provides new choices and clients obtain giant reductions and free delivery.
The startup’s method has prompted some to attract comparisons between its mannequin with that of the behemoth Shein.
“Historically, the style business has operated on depth and low cost fashions,” mentioned Nagaram, founder and chief govt of Virgio, in a press release.
“On the core of Virgio is the tech basis, which is at all times listening to evolving developments on social media platforms and predicting the demand for every development. That is then fed into our agile and responsive provide chain to allow the trendiest, elegant and but inexpensive line in close to real-time. Thus, Virgio is pioneering the check and scale technique, making runway vogue accessible and inexpensive for all customers, whereas eliminating extra stock for producers,” mentioned Nagaram, a Flipkart veteran who took over Myntra’s prime job in 2019 earlier than leaving the agency final yr.
The startup says its full-stack method is permitting it to condense the everyday lead time of eight to 10 months to only one month. Its eponymous app has already amassed over 100,000 downloads, it mentioned. (On Sensor Tower, the app displays little or no metrics as it’s nonetheless too small.)
“There’s a giant underserved marketplace for branded attire in India at present. For instance, for ladies, solely ~25% of vogue is branded attire. The style business in India is thus at an inflection level, pushed by altering shopper preferences on account of social media’s affect, an vital Gen-Z attribute to individualize as a type of expression, and the combination of social commerce with social media platforms,” mentioned Ashutosh Sharma, Head of India Investments at Prosus Ventures, in a press release.
“We’re assured in Virgio’s tech-first mannequin and consider the startup’s knowledgeable founding workforce is uniquely positioned to seize a big alternative in India’s vogue business,” he added.
Scores of different entrepreneurs — together with Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, and Sameer Nigam — additionally invested within the spherical.
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